Key facts
- US unemployment rate projected to hold steady at 4.3% in May.
- Pace of job creation is significantly slower than post-pandemic boom.
- US job market characterized by low hiring and low firing rates.
The American job market is facing a peculiar situation where hiring and firing rates are both subdued. Projections from FactSet indicate that the unemployment rate is expected to remain stable at a low 4.3% for May. However, the pace at which new jobs are being created has slowed considerably when compared to the rapid expansion seen in the period following the pandemic lockdowns.