WASHINGTON (Gray DC) – The Labor Department reported Friday that the U.S. economy added 139,000 jobs in May, reflecting a stable but slightly slower job market.
The report also revealed that the unemployment rate remained steady at 4.2 percent.
Much of the job growth occurred mostly in education and health care (+87,000) and leisure and hospitality (+48,000). Sectors that lost jobs included retail (-6,500), manufacturing (-8,000), business services (-18,000) and government (-1,000).
“The report seems to indicate that the economy is pretty stable,” said David Kass, a clinical professor of finance at the University of Maryland.
Kass said the new jobs report paints a reasonably good picture of the American economy.
“I would say the economy is proceeding at a satisfactory pace,” he said. “The economy continues to grow. No signs of any major problems at the moment.”
President Donald Trump and White House Press Secretary Karoline Leavitt both boosted about the new job figures on social media after the release of the report.
Kass said that while the report indicates that the economy is stable, there is still uncertainty amongst economists about the future impact of the president’s tariffs.
“[The economy is] awaiting additional information on what the world will look like with tariffs – to what extent, which industries, companies, countries, will be affected and by how much? So it seems to be in an economy in waiting.”
After the report was released, President Trump once again called on Federal Reserve Chairman Jerome Powell to cut interest rates by a full percentage point. The fed has been resisting the president’s calls to lower interest rates while taking a precautionary approach to monetary policy changes.
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