Is Employment Boom Losing Heat?

Axios reports that the ultra-high-pressure U.S. job market may finally be starting to release a little steam. Job numbers for May show that an overly healthy job market – with many more jobs than available or skilled candidates – seems to be moving toward a more balanced state. Employers added 390,000 jobs in May, the U.S. Department of Labor said the lowest job growth in a year. Policymakers at the Federal Reserve and in the Biden administration want to see a labor market that is still healthy but cools from its red-hot levels seen earlier in the year, which tend to fuel higher inflation. See the data from the May jobs report.