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Friday's US jobs report for May likely to show steady gains

Economists surveyed by CNNMoney predict the US added 179,000 jobs in May and that the unemployment rate remained at 4.4%, its lowest level in a decade.

The signs of renewed vigor in the economy and labor market tightness could encourage the Federal Reserve to raise interest rates later this month.

But because most of its positions are entry-level jobs geared for younger workers, the company has been able to pay them in part through bonuses rather than hourly raises. Since January, the unemployment rate has fallen by a half a percentage point and the number of unemployed has declined by 774,000.

Economists had projected about 185,000 jobs and expressed disappointment in the latest figures that show 60,000 fewer jobs than expected in March and April.

But economists at Moody's Analytics said the soft jobs number in May might omit summer hiring that occurred later in in the month.

The revisions to March and April, which come as the Labor Department receives more detailed information, also meant there were about 66,000 fewer gains over the two months than previously reported. Following sizable revisions downward in the March and April jobs reports, it may be time to suggest that President Donald Trump's campaign promise to bring jobs back to the USA has disappointed. That's because employers are struggling to find available workers now that the unemployment rate is near rock-bottom. Job gains are slowing as the labor market nears full employment.

USA job growth slowed in May as a slide in the labor force participation rate helped pressure the nation's unemployment rate, suggesting the labor market is edging closer to full employment as doubts linger about the economy's growth trajectory in the second quarter.




Energy jobs were particularly in focus Friday following President Trump's decision to withdraw from the Paris climate agreement.

Known as the "U-6" rate, this measure is one of the favorite metrics for Trump administration officials. Taken together, job growth has averaged just 121,000 over the past three months.

The dollar hit a seven-month low against a basket of currencies on the diminishing rate hike prospects in the second half of the year.

Separate reports Thursday solidified expectations that job growth for May was healthy.

For large cities (with a population over 1 million in the 2010 Census), the Denver area had the lowest unemployment rate, at 2.1 percent. Month-after-month job gains in the 200,000 range are not sustainable longer term. Food services added 30,300 workers, while health care contributed 24,300 jobs.

Construction added 11,000 jobs while mining added 7,000. Last month's job gains could still be sufficient for the Federal Reserve to raise interest rates this month.

"A rate increase later this month is still nearly certain, but today's report may cause members of the FOMC to delay the shrinking of the Fed's balance sheet, which investors have priced in for later this year", he said.

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