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Commentary from Frost Investment Advisors | June 05 , 2023

Job Market is Resilient, but Consumers' Mood Darkens

Help is Still Wanted

June payrolls expanded by 339,000 jobs, nearly double market estimates. The Bureau of Labor Statistics’ JOLTS survey released earlier in the week showed job openings increasing by 350,000. This survey is likely overstating demand for labor, as other metrics continue to show less strength. The unemployment rate increased from 3.4% to 3.7%, reflecting a net decline of 310,000 in total employment. The more negative unemployment report is based on the household survey, which has recently been more volatile than the stronger-than-expected payroll survey.

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