Market Minute

May 2022 – Scott Rosenquist, CFA®

The latest employment data release showed continued strength in the U.S. labor market. The number of jobs added in the month of April was 428,000, higher than expectations of 400,000. The unemployment rate held steady at 3.6%, just above the pre-pandemic level of 3.5%.  The gains were broad-based led by leisure and hospitality (+78k) where employment there remains down 1.4 million from pre-pandemic levels. What does this mean for monetary policy?