Economic Data for May
A quick note for readers about the economic data from May.
The economic data is generally good. Here are the numbers, as well as some points of concern.
The unemployment rate is unchanged at 4.2 percent, as the economy added 139K new jobs. However the BLS revised the number of new jobs for March and April down by 95,000.
The Personal Consumption Expenditures (PCE) measure of inflation was 2.1 percent, or at the target rate for April. Meanwhile the Consume
r Price Index (CPI) ticked up to 2.5 percent for May, slightly more than April’s inflation rate of 2.4 percent. The Bureau of Economic Analysis will release the PCE for May on June 27.
Real GDP fell by 0.2 percent for the first quarter (January through March) of 2025.
The Consumer Confidence Index rebounded after five months of decline, indicating that consumers were more confident about the economy. Since gasoline prices weigh heavily in the index, this isn’t surprising.
Private employment increased by 62,000 jobs, according to ADP. Leisure and hospitality workers had the most job gains as employers ramp up for the summer season. Unfortunately, these jobs don’t pay well.
The education and health services industry lost the most jobs, but even so, losses were modest.
Thank you for reading,
Nikki
(Data are from ADP, the Bureau of Labor Statistics and the Bureau of Economic Analysis.)
Here’s the original note: