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Job market is slowing, but not 'collapsing': Economist

The US S&P Global Composite Purchasing Managers Index (PMI) for May grew to 54.4, its highest level in two years. Although manufacturing growth continues, the labor market has seen some pullbacks in hiring. S&P Global Market Intelligence Chief Business Economist Chris Williamson joins Catalysts to discuss the state of the labor market and its connection to ongoing inflation issues. "It certainly looks like the service sector hiring trend is cooling quite markedly. However, it is being supplemented by an upturn in manufacturing. We know there's a lot of investment going on in manufacturing at the moment, expanding capacity...and so we're seeing this more balanced economy coming through where growth is slowing, perhaps in the service sector according to the jobs market, but starting to pick up in manufacturing...So it leaves this overall picture of a slowing job market, but not a collapsing one," Williamson tells Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino