May Jobs Report <br />Surpasses Expectations, , Payroll Adds 390,000 .<br />The Bureau of Labor Statistics released its May jobs report on June 3.<br />The 390,000 jobs added to the U.S. economy in May exceeded Wall Street projections of 328,000.<br />The unemployment rate remained at its pandemic low of 3.6 percent.<br />Despite the slight cooldown, the tight labor market is clearly sticking around and is shrugging off fears of a downturn. , Daniel Zhao, Glassdoor Senior Economist, <br />via CNBC.<br />We continue to see signs of a healthy and competitive job market, with no signs of stepping on the brakes yet, Daniel Zhao, Glassdoor Senior Economist, <br />via CNBC.<br />In addition, pay for hourly employees increased by <br />0.3 percent, falling just short of the <br />0.4 percent expectations.<br />Retail actually lost 61,000 jobs in May, which economists say reflects <br />a shift in spending priorities.<br />That’s not really consistent with a consumer that’s itching to spend on goods, Drew Matus, MetLife Investment Management CMS, via CNBC.<br />The accommodation and food services story is telling you people have shifted from goods spending to services spending. , Drew Matus, MetLife Investment Management CMS, via CNBC.<br />The real question is how long will they sustain that, Drew Matus, MetLife Investment Management CMS, via CNBC.<br />Some analysts say that the strong report could be an indication that the market is responding to the Federal Reserve's recent interest rate hike.<br />I wouldn’t call it the calm before the storm, but it might be the last bit of sunlight before the clouds get a little deeper and darker, Drew Matus, MetLife Investment Management CMS, via CNBC.<br />It is widely predicted that the Fed will raise rates again in the coming months.<br />The Fed predicts that the U.S. economy will grow 1.3 percent during the second quarter
