- May 2022’s payroll estimates weren’t quite the level of downshift President Phillips had warned about, though that’s increasingly likely just a matter of time.
- As expected, the latest HH employment estimate for May rebounded, though not enough to offset last month’s drop.
- Even the level of acceleration in wages had always been a product of the supply shock too like overall consumer prices a much faster recovery in demand for workers than the labor market’s ability to supply them.
For further details see:
May Payrolls (And More) Confirm Slowdown (And More)