White House to Discuss Supply Shortages That May Hinder Job Growth

U.S. job growth picked up in May -- along with worker pay -- and the unemployment rate fell, signaling firms are making some progress filling a record number of openings as the economy powers up. Payrolls increased by 559,000 last month after a revised 278,000 gain in April, according to a Labor Department report Friday. The median estimate in a Bloomberg survey of economists was for a 675,000 rise. The jobless rate dropped to 5.8%, while the labor participation rate was little changed. “On the surface, yes, the jobs numbers were strong, a half million jobs is obviously a good thing, but given where we are in the economy, all else equal it could have been stronger,” Michelle Meyer, head of U.S. economics at Bank of America Corp., said. “The fact that it wasn’t is likely a function in large part to supply constraints and labor shortages.” “On the surface, yes, the jobs numbers were strong, a half million jobs is obviously a good thing, but given where we are in the economy, all else equal it could have been stronger,” Michelle Meyer, head of U.S. economics at Bank of America Corp., said. “The fact that it wasn’t is likely a function in large part to supply constraints and labor shortages.” Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake

Added 22 Jun 2026