US Economy Adds Enough New Jobs to Fill a Small City; Still Can't Find Anyone to Mow Your Lawn

US Economy Adds Enough New Jobs to Fill a Small City; Still Can't Find Anyone to Mow Your Lawn

2 minute read
Published: 6/7/2024

In a plot twist worthy of a soap opera, the US economy added 272,000 jobs in May, far exceeding economists’ expectations that ranged from 180,000 to 185,000 new jobs. Who knew the economy was capable of such overachievement, right? This dramatic plot twist was confirmed by multiple sources, including NY Post, CBS, and USA Today.

Despite these stellar job creation numbers, the unemployment rate crept up from 3.9% to 4%. It's like landing a dream job but finding out your office chair is just a wooden stool. As the NY Post, CBS, and USA Today explain, this increase is a sign of more people entering the workforce—likely lured by the prophesied summer of economic resurgence, or, perhaps, the latest TikTok trend suggesting "real jobs" are the new "side hustle."

This job growth exceeded expectations and showed the resilience of the US economy, which apparently has the same superhuman endurance as marathon runners and toddlers refusing to nap. Indeed, USA Today, along with the NY Post, confirm the strength of America’s job market, even if it can't seem to get your neighbor’s teenager interested in mowing your lawn.

With all these new jobs, you'd think the Federal Reserve would take a chill pill and cut interest rates, right? Wrong. According to our trusty economic soothsayers at NY Post, CBS, and USA Today, the Federal Reserve views the strong job growth as an excuse to keep interest rates as high as your student loan debt.

In case you're wondering why all these jobs haven’t made a tangible difference in your life, layoffs remain at historic lows, according to NY Post, contributing to this net job growth. But don’t get too comfortable; those lawnmowers still won't operate themselves.

On a slightly more optimistic note for workers, average hourly pay rose by 14 cents to $34.91 in May, marking a yearly increase of 4.1%, as reported by USA Today. At this rate, you might soon be able to afford that extra avocado toast without feeling guilty about your financial future.

The health care and social assistance sectors led the job gains with 83,000 jobs in May, according to USA Today. Meanwhile, the public sector seemed to have found its long-lost vigor, rebounding with 43,000 job gains.

That said, economists were still scratching their heads. They predicted May's hiring data would fall well below the average monthly gain of 269,000 in the first three months of 2024, as stated by NY Post. It appears their crystal ball might need a new pair of batteries.

So, while the US economy can apparently hire enough people to populate a small city, it still seems to lack anyone interested in trimming your hedges. The job market remains a fascinating paradox, where opportunities are plentiful, yet basic services continue to be as hard to find as a parking spot in Manhattan. Welcome to the American economic landscape: booming, dynamic, and just a tad confusing.