U.S. job growth expected to remain at moderate pace in May

U.S. job growth likely maintained its moderate pace in May and wage gains were expected to hold steady, which would keep the Federal Reserve in wait-and-see mode on interest rates but likely encourage bets the central bank will lower borrowing costs at least once this year.

The employment report “will provide further evidence that the labour market isn’t as strong as it was a year ago and that it is converging towards a less inflationary balance,” said Lydia Boussour, a senior economist at EY-Parthenon. Financial markets have latched onto the idea of a downside miss on job growth on Friday, with the 10-year U.S. Treasury yield hovering near its lowest level in about two months this week and indications of a hiring slowdown among small businesses.

Economists broadly expect the job market to continue to soften in the months ahead as supply and demand for workers continues to normalize. The Fed is expected to cut its policy rate in September and once more later in 2024, according to a majority of forecasters in a Reuters poll that nevertheless also showed a significant risk the central bank will opt for only one cut or none at all.

Source: Entertainment Trends (entertainmenttrends.net)

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