Labor Market Recap May 2024: Still Cool
The totality of the evidence points more towards a cooling (but still good!) labor market than heating up, despite the payroll prints.
The totality of the evidence points more towards a cooling (but still good!) labor market than heating up, despite the payroll prints.
This is overall a good jobs report. Job growth is solid, and there are no obvious signs of weakness.
After what appeared to be (on the surface and at first glance) a hot January, the labor market data for February 2024 signaled a return to the narrative we followed throughout last year: the labor market is slowing, but remains strong.
The headline January labor market data was strong, but there are still some signs of weakness under the surface.