The US economy added 390K payrolls in May of 2022, the least since April last year but above market forecasts of 325K. The latest reading left the economy 822K jobs or 0.5% below its pre-pandemic level, in a sign, that the labor market remains resilient and is getting close to full employment. Notable job gains occurred in leisure and hospitality (84K), namely food services and drinking places (46K) and accommodation (21K); professional and business services (75K); and in transportation and warehousing (47K), namely warehousing and storage (18K), truck transportation (13K), and air transportation (6K). Manufacturing employment continued to rise (18K), namely in fabricated metal products (7K), wood products (4K), and electronic instruments (3K). In contrast, employment in retail trade declined by 61K, mainly due to job losses in general merchandise stores (-33K). source: U.S. Bureau of Labor Statistics