Daily Rewind: What a week
And you thought your four-day week was long. The jobs report was released today, just as business leaders were grappling with President Trump’s decision to withdraw from the Paris climate deal. Here’s what you need to know:
- The unemployment rate dropped to 4.3%, its lowest level since May 2001. Some economists say that’s too low. The U.S. economy has essentially hit “full employment.” That means the number of available job applicants is shrinking, making it harder for employers to hire the staff they want.
- Hiring also slowed last month. Employers added 138,000 jobs in May, less than the 174,000 gained in April.
- Coal mining accounted for 400 of those jobs, while manufacturing lost 1,000 and construction gained 11,000. Health care and business services led the charge with 24,000 and 38,000 new jobs, respectively.
- Some experts say today’s jobs report doesn’t tell the whole story. Other data, such as jobless claims, reflect a healthy job market.
- The U.S. has added 594,000 jobs since February — Trump’s first full month in office — and 810,000 since the beginning of the year.
Other business news to know:
Business leaders still wrapping their heads around Trump’s Paris exit. The president’s decision to pull the U.S. out of the Paris climate pact continues to dominate the conversation on Wall Street. JPMorgan CEO Jamie Dimon said he won’t quit Trump’s team despite disagreeing with the move. Tesla CEO Elon Musk, however, announced he’s quitting Trump’s advisory councils. Goldman Sachs CEO Lloyd Blankfein took to Twitter for the first time to slam Trump on the deal, and Richard Branson called the decision a “horrible loss.” Read more from CNNMoney.
Want more news? Check these stories out:
*Ariana Grande’s Manchester memorial concert to air on ABC (Variety)
*Trump Adviser Gary Cohn doesn’t want Fed Chair job (Bloomberg)
*Vladimir Putin says even children could hack an election (NBC News)
That’s all for today. Hope you’ve been enjoying National Donut Day! 🍩Have a wonderful weekend.
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