May Jobs Report Boosts Biden, Complicates Fed's Inflation Outlook
TL;DR Summary
The US economy added 339,000 jobs in May, surpassing Wall Street's expectations, and giving President Joe Biden a boost as he enters the 2024 presidential campaign. The labor market's continued strength, however, makes the Federal Reserve's battle to curb inflation harder. Fed Chair Jerome Powell has repeatedly said the labor market needs to soften to help bring down prices. Surging employment figures in professional and business services, health care, and hospitality and leisure might prompt the Fed to reconsider a pause in its campaign of interest rate hikes that central bank officials have signaled is coming for at least the June meeting.
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- The job market held up in May. But the Fed may have already decided to pause CNN
- Fed pause in June does not mean rate hikes are over, and gold price is taking a hit - analysts Kitco NEWS
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