May payroll data visualized

This week's highlight article from the Wall Street Journal goes beneath the headlines in the latest payroll data that came out this morning.

Highlights include:

• The US economy added 390,000 nonfarm payrolls last month, well above forecasts of 325,000.

• The unemployment rate continues to hold at 3.6%.

• Leisure and hospitality businesses once again saw the biggest increase in payrolls showing these companies continue to lead the way in hiring.

• Labor force participation ticked slightly higher to 62.3% which shows that more Americans are working or are beginning to actively seek work again.

In all, the report reveals little change to the labor market as economists knew it just days ago. Job growth continues to exceed expectations, and other indicators show the labor market still making strides toward pre-pandemic health. After weeks of growing recession fears, the May jobs report shows the US firmly in recovery mode.

A Bad Start in Historical Context

2022's market performance is being added to the history books. 100 trading days into the year, and the S&P 500 Index has notched its worst start to a year since 1970. Not all is lost, however, as history has demonstrated a bad start doesn't always equate to a bad year. Taking a look at the previous five worst starts to a year saw the remainder of the year higher every time, up 19.1% on average. While the path to get there may not be pretty, the markets have always persevered over the long-term.

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