Happy June! Job growth in the U.S. surged to 172,000 net new jobs in May versus an expected 105,000. Meanwhile, job growth for both March and April were revised upward to 214,000 and 179,000, respectively. Unemployment stayed at 4.3 percent as the proportion of those seeking work approximately matched the proportion of new jobs. With strong job growth and steady unemployment, it will be more difficult for the Federal Reserve to cut interest rates. Meanwhile, inflation in May is expected to have surged from recent energy price spikes with the closure of the Strait of Hormuz and its subsequent reopening the largest unknown for the U.S. economy. I hope you have the opportunity to enjoy the last days of spring with family and friends!
All the Best, Jon Gauthier, President, GWM
If you are not connected to GWM on LinkedIn, request a link at: Linkedin.com/in/jon-gauthier-cfp/. You can also catch up on our latest activities at our Web site, www.gauthierwm.com.
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