White House not expecting ‘blockbuster’ jobs reports every month By Reuters

White House not expecting ‘blockbuster’ jobs reports every month By Reuters

© Reuters. An “Apply Now” sign stands outside the new Faccia Brutta Bar Pallino looking to hire employees on Newbury Street in Boston, Massachusetts, U.S., April 27, 2022. REUTERS/Brian Snyder/Files

WASHINGTON (Reuters) – The White House is not expecting to see big increases in jobs data every month as the economy transitions to a new period of more stable growth, White House press secretary Karine Jean-Pierre said on Thursday, ahead of Friday’s nonfarm payrolls report.

U.S. private payrolls increased far less than expected in May, suggesting demand for labor was starting to slow amid higher interest rates and tightening financial conditions, the ADP National Employment report released on Thursday showed.

“As we transition to this new period of stable, steady growth, we aren’t looking to see blockbuster job reports month after month, like we have over the last year,” she said. “But that’s a good thing. That’s the sign of a healthy economy with steady job growth, rising wages for working America, everyday costs easing up and a shrinking deficit.”

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