The economic data reported continues to reflect solid overall growth.

The May labor market report came in better than expected. Non-farm payrolls grew by 390,000, well above the non-farm forecast of 325,000. Growth was in all sectors except retailing, so it was a broad-based report. The 60,700 decline in retailing jobs reflects the shift in consumer final demand from goods purchases to increased spending in the service sector of the economy. We expect that trend to continue for the remainder of the year. There is a large amount of pent-up demand in services such as hotels, restaurants, and travel.

 

PROBANK AUSTIN ADVISOR - JUNE 6, 2022