Job growth probably picked up in May after the weakest gain in six months, and the U.S. unemployment rate held at a three-year low, signs of gradual improvement in the labor market, economists said before reports this week.
Payrolls climbed by 150,000 workers after a 115,000 gain in April, according to the median forecast of 68 economists surveyed by Bloomberg News ahead of Labor Department figures due June 1. Manufacturing cooled and household purchases increased, other data may show.
Even with the recent slowdown in the pace of job growth, Americans are spending. A Commerce Department report due June 1 will provide details of how consumption fared at the beginning of this quarter. Purchases may have grown 0.3 percent in April, matching the previous month’s gain, according to the Bloomberg survey median. Incomes also rose 0.3 percent following a 0.4 percent increase, economists said.