May employment report demonstrates the despondency of the American consumer in a thriving sustainable economy

The May data on employment and the state of the US labor market were released on June 6, 2024. The U.S. economy added 272,000 workers and demonstrated accelerated wage growth, reversing the downward trend that had dominated the past three months.

Objective indicators show that the economy continues to grow as businesses feel confident and hire employees, wages are rising, and consumers continue to spend despite high prices and rising credit costs.

At the same time, American voters’ mood about the economy remains gloomy. Even with strong household investment capacity, new business launches, and increased consumer spending, American society is uncertain about the economy’s future and continues to fear a recession.