In May, the US labor market showed unexpected strength with the addition of 139,000 jobs, surpassing the prediction of 126,000. Unemployment remained steady at 4.2% for the third consecutive month. However, revisions to previous months revealed a downward adjustment of job growth, totaling 95,000 fewer jobs than initially reported. Economic uncertainty is causing some businesses to delay hiring, as outlined in several reports, including the Federal Reserve's Beige Book. Despite the increased job numbers, overall business sentiment remains cautious, driven by tariffs and funding cuts that impact companies' staffing decisions.
"Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies' workforces," said Andrew Challenger of Challenger, Gray & Christmas.
"Companies are spending less, slowing hiring, and sending layoff notices," indicating that economic uncertainty is affecting business behavior.
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