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U.S. Labor Market Keeps Growing

Economist: Remarkably resilient job market points to shallow recession later this year.

Published

11 months ago

June 12, 2023

INSTORE Staff

Financial and marketing graph concept.

The U.S. generated 390,000 new, non-farm jobs in May, the U.S. Bureau of Labor Statistics reports. What does that mean for the economy as it moves past the mid-year mark?

Below are excerpts from The Conference Board Senior Economist Selcuk Eren’s thoughts about that question:

“The latest jobs report showed the U.S. labor market remains remarkably resilient … . This follows an upward revision of April’s data to 294,000 total jobs added — another sign of the labor market’s ongoing strength.

“Job gains in May were economy-wide, with almost every industry adding jobs—including construction, government, health care and social assistance, leisure and hospitality, professional and business services, and transportation and warehousing. [Editor’s note: Retail employment remained essentially unchanged for the month, the labor bureau reports.]

“… We maintain the expectation of a short and shallow recession taking hold later in 2023 as the Federal Reserve continues to implement its policy of raising interest rates to curtail inflationary pressures. Consequently, we anticipate a rise in the unemployment rate to approximately 4 percent by the end of the year and for it to reach 4.4 percent by the second quarter of 2024.”

Click here for Eren’s full commentary.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”