US jobs report: May 2023 review

The same story: a weakening trend, but the overall picture still remains relatively solid.

While the US jobs market continues to be in a weakening trend, May’s BLS employment data continues to show an employment market that remains relatively robust — further time will be needed for the US jobs market to weaken to a level that would see the Fed materially adjust its monetary policy stance.

Let’s unpack the details.

Beginning our review of the U…