In May, U.S. employers added 139,000 jobs, a decrease from April’s revised total of 147,000, while the unemployment rate remained steady at 4.2%. The ongoing uncertainty stemming from President Trump's trade wars and tariffs has generated concerns about potential economic downturns. Despite these challenges, the job market remains resilient, but experts caution that future hiring may be impacted by financial policies and immigration crackdowns. Former Fed economist Claudia Sahm notes that the current job market may not withstand economic pressures as effectively as in previous years.
When the inflation fighters at the Federal Reserve raised their benchmark interest rate 11 times in 2022 and 2023, the higher borrowing costs were widely expected to tip the United States into a recession. Instead, the economy kept growing and employers kept hiring.
Former Fed economist Claudia Sahm warns that the job market of 2025 isn't nearly as durable as the two or three years ago when immigrants were pouring into the U.S. job market and employers were posting record job openings.
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