In May, the US economy saw a slower addition of jobs with only 139,000 new positions created, attributed to uncertainty surrounding President Trump's trade policies. Despite maintaining an unemployment rate of 4.2%, the labor market showed signs of cooling, particularly with 22,000 federal jobs lost due to government efficiency cuts. The Bureau of Labor Statistics also revised earlier job creation numbers downward. Economic indicators such as private-sector payroll growth and manufacturing indexes suggest a declining trend in job growth and economic momentum, placing concerns on future hiring prospects.
The US economy added 139,000 jobs in May, a slowdown compared with the previous month as businesses navigate uncertainty from Trump's trade war.
The unemployment rate remained steady at 4.2%, unchanged from last month, despite the loss of 22,000 federal jobs cut by the Trump administration.
Nela Richardson stated, 'Hiring is losing momentum,' highlighting the slowdown in job growth as private-sector payrolls increased by only 37,000 in May.
The Institute for Supply Management reported its purchasing managers' index at 49.9 in April, indicating a decline in manufacturing conditions not seen since June 2024.
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