Yahoo Finance
May jobs report expected to show more signs of cooling labor market

Josh Schafer • Reporter
Updated Thu, Jun 6, 2024, 12:49 PM EDT3 min read

The May jobs report is expected to show further signs of cooling in the labor market.

The monthly report from the Bureau of Labor Statistics, slated for release at 8:30 a.m. ET on Friday, is expected to show nonfarm payrolls rose by 185,000 in May while the unemployment rate remained flat at 3.9% from the previous month, according to consensus estimates compiled by Bloomberg. In April, the US economy added 175,000 jobs, while the unemployment rate unexpectedly rose to 3.9%.

Here are the key numbers Wall Street will be looking at compared to the previous month, according to data from Bloomberg:

• Nonfarm payrolls: +185,000 vs. +175,000 previously

• Unemployment rate: 3.9% vs. 3.9% previously

• Average hourly earnings, month over month: +0.3% vs. +0.2% previously

• Average hourly earnings, year over year: +3.9% vs. +3.9% previously

• Average weekly hours worked: 34.3 vs. 34.3 previously

The report comes as the stock market has hit record highs amid a slew of softer-than-expected economic data, which increased investor confidence that the Federal Reserve could cut interest rates as of September. Entering Friday's print, markets are pricing in a 67% chance the Fed cuts rates in September, up from a roughly 50% chance seen a week ago, per the CME FedWatchTool.

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