Signs of some labor constraints easing in time for June payrolls

Wells Fargo Research Team Wells Fargo

Summary

Despite businesses' eagerness to hire, job growth has disappointed the past two months due to an array of staffing challenges we discussed in a report last month. Since then, it appears some of these headwinds—most predominately health concerns—are easing, which should help hiring pick up in June. However, childcare issues linger, and any boost stemming from an early end to extra unemployment benefits in some states seems to be at least another month away.

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Wells Fargo Research Team

Wells Fargo

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