Months after President Trump replaced the Bureau of Labor Statistics commissioner, the agency reported stronger-than-expected job growth and a stable unemployment rate.
Less than a year after President Donald Trump removed Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer following a disappointing jobs report, the agency under acting Commissioner William J. Wiatrowski is reporting stronger-than-expected employment gains.
“This is a labor market that is stronger than it was last year and is looking pretty darn solid, despite high energy prices and higher inflation generally,” said Gus Faucher, chief economist at PNC, according to CNBC. “There’s no indication that the labor market needs support.”
The latest figures also included upward revisions to March and April payroll gains, reinforcing signs that the labor market has regained momentum after a period of uneven growth earlier in the year. Analysts noted that May marked the third consecutive month of solid job creation, a trend that could influence upcoming Federal Reserve decisions on interest rates.
While the stronger-than-expected report eased fears of a slowing labor market, economists continue to watch wage growth, inflation pressures, and global economic developments that could affect hiring in the months ahead.
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Source: Black Enterprise
