The US economy is expected to have added 190K jobs in May 2023, marking the second lowest reading since December of 2020, following a rise of 253K in April. It would also be below the 2023 monthly average of 284.5K, but it still remains well above 70K-100K needed per month to keep up with growth in the working-age population. Leisure and hospitality likely added the most jobs. On the other hand, employment in manufacturing is expected to show little change, and layoffs in the tech sector are set to continue. Also, the ongoing strike by the Writers Guild of America could have an impact on professional and business services category. Meanwhile, the unemployment rate is seen edging up to 3.5% from 3.4% but remaining close to five-decade lows. Wages are projected to have risen 0.3%, below 0.5% in April, and annual pay growth is also expected to remain steady at 4.4%.
