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US economy added robust 390,000 jobs in May despite inflation, recession fears

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US employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.

Last month’s gain reflects a still-healthy job market despite concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises rates to fight inflation.

The unemployment rate was unchanged at a low 3.6%, the Labor Department said Friday.

While unemployment remains low, there are still worries about the state of the US economy.

Elon Musk told Tesla employees that he has a “super bad feeling” about the economy — so much so that he will need to lay off around 10% of the electric car maker’s workforce, according to a report.

Musk’s gloomy outlook echoes recent comments from executives including JPMorgan Chase CEO Jamie Dimon and Goldman Sachs President John Waldron.

A “hurricane is right out there down the road coming our way,” Dimon said this week.

The robust job numbers come amid high inflation and hiked interest rates.
The robust job numbers come amid high inflation and hiked interest rates.
EPA

Businesses in many industries remain desperate to hire because their customers have kept spending freely despite intensifying concerns about high inflation.

Americans’ finances have been buoyed by rising pay and an unusually large pile of savings that were accumulated during the pandemic, particularly by higher-income households.

Workers, in general, are enjoying nearly unprecedented bargaining power. The number of people who are quitting jobs, typically for better positions at higher pay, has been at or near a record high for six months.

The unemployment rate was unchanged at a low 3.6%, the Labor Department said Friday.
The unemployment rate was unchanged at a low 3.6%, the Labor Department said Friday.
US Department of Labor
Despite the low unemployment, key analysts are warning of a possible recession.
Despite the low unemployment, key analysts are warning of a possible recession.
Paul Martinka

“Job growth may slow further in the months ahead, but with nearly two open jobs for every unemployed worker, it would take a significant economic slowdown to keep payrolls from continuing to expand,” Greg McBride, the chief financial analyst for Bankrate, told The Post.

The strength of the job market is itself contributing to inflationary pressures.

With wages rising across the economy, companies are passing on at least some of their increased labor costs to their customers in the form of higher prices.

The costs of food, gas, rent and other items — which fall disproportionately on lower-income households — are accelerating at nearly the fastest pace in 40 years.

Inflation had begun surging last year as spiking demand for cars, furniture, electronic equipment and other physical goods collided with overwhelmed supply chains and parts shortages.

More recently, prices for such services as airline tickets, hotel rooms and restaurant meals have jumped as Americans have shifted more of their spending to those areas.

The Fed’s rapid rate hikes, which are on track to be the fastest in more than 30 years, could eventually weaken the economy.

To try to cool spending and slow inflation, the central bank raised its short-term rate last month by a half-point, its biggest hike since 2000, to a range of 0.75% to 1%.

Two additional half-point rate increases are expected this month and in July.

And some Fed officials have suggested in recent speeches that if inflation doesn’t show signs of slowing, they could implement yet another half-point increase in September.

The Fed’s moves have already sharply elevated mortgage rates and contributed to drops in sales of new and existing homes.

The rate hikes have also magnified borrowing costs for businesses, which may respond by reducing their investment in new buildings and equipment, slowing growth in the process.

With Post wires

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What Time Will ‘Riverdale’ Season 6 Be on Netflix?

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The season finale of Riverdale aired in late July on The CW. Notice we said season finale? Thankfully, the beloved series will return for a seventh season, but, unfortunately, Season 7 will be the final installment of Riverdale.

If you already streamed the current season, make sure to read Alex Zalben’s interview with Riverdale showrunner Roberto Aguirre-Sacasa on Decider. If you’re waiting to binge Season 6 on Netflix, well, you better clear your calendar because all 22 episodes are about to drop on the streamer. What time will the sixth season of Riverdale debut on Netflix? What time does Netflix release shows? Here’s everything you need to know.

WHEN IS THE RIVERDALE SEASON 6 NETFLIX RELEASE DATE?

Riverdale Season 6 premieres Sunday, August 7 on Netflix.

HOW MANY EPISODES ARE IN RIVERDALE SEASON 6?

The sixth season of Riverdale consists of 22 episodes.

WHAT TIME DOES NETFLIX RELEASE NEW SHOWS?

Netflix releases new episodes at 3:00 a.m. ET/12:00 a.m. PT.

WHAT TIME WILL RIVERDALE SEASON 6 BE ON NETFLIX?

Netflix is based out of California, so Riverdale Season 6 will be available to stream at 12:00 a.m. Pacific Standard Time (3:00 a.m. Eastern Standard Time) beginning Sunday, August 7. If the clock strikes 12:00 (or 3:00 a.m. for folks on the East Coast) and you don’t see the new episodes, give it a moment, hit refresh, and then enjoy the show!

WILL THERE BE A SEASON 7 OF RIVERDALE?

Yes! Decider recently covered that very topic.

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Actress Anne Heche Suffers Severe Burns After Crashing Car Into Los Angeles Home

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Actress Anne Heche, known for her roles in such films as Donnie Brasco, Volcano and I Know What You Did Last Summer, was involved in a fiery car crash in the Mar Vista area of Los Angeles on Friday.

According to TMZ, Heche was driving a blue Mini Cooper and had first crashed into the garage of an apartment complex. Residents of the apartment complex tried to get her out of the vehicle but she backed up and sped off.

Footage of Heche speeding down the streets of her neighborhood had been obtained by TMZ as well as her initial encounter at the apartment complex.

In the first clip, you can hear her car crash towards the end. It has been reported that the actress crashed into someone’s home, causing her vehicle and the house to erupt into flames. Heche suffered severe burns and was resisting being taken away in a stretcher. You can also view footage of this via the TMZ article.

It has not been confirmed whether alcohol has been involved in the incident since her condition prevents doctors from performing any tests to determine if she was driving under the influence. She is currently intubated in the hospital but expected to live.

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These are the vulgar license-plate requests the DMV has rejected

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Stay CL4SSY, New York!

The state Department of Motor Vehicles nixed 3,752 requests for vanity license plates in the last three years because it deemed them too raunchy, radical or simply ridiculous.

New York’s personalized plates go for $60 initially, and then $31.25 annually for renewal. You can get any plate as long as no one else has it and it’s not offensive.

Odds are a request for a plate that marks a wedding anniversary or shows your allegiance to a team — like METS86 — will pass muster with the DMV gatekeepers.

Vulgarity won’t get you to first base.

So plates with the phrase LFGM — the acronym for Pete Alonso’s “Let’s F–king Go Mets” rallying cry — did not make the cut.

And you won’t see anyone driving around with the custom plates MILFDAD, AS5M4N and WLHUNG.

Crude meanings such as “MILFDAD” are unacceptable by the DMV.
Crude meanings such as “MILFDAD” are unacceptable by the DMV.
New York DMV
NYC123
New York state Department of Motor Vehicles denied more than 3.5 thousand requests for license plates deemed inappropriate.
New York DMV
“AS5M4N” was rejected for referring to “Ass man.”
“AS5M4N” was rejected for referring to “Ass man.”
New York DMV

The DMV also put NICEBUNS, FATFANNY, GOTAPOOP and BENDOVER in the rear-view mirror.

One player unsuccessfully tried to score the plate YESDADDY, to no avail.

The DMV also shot down such dark requests as DEADGIRL, GENOC1DE, S8TAN, DETONATE and MURDERM3.

“SUM8ITCH” is not allowed.
“SUM8ITCH” is not allowed.
New York DMV
The DMV thoroughly nixed a request for “CNNLIES.”
The DMV thoroughly nixed a request for “CNNLIES.”
New York DMV
BOOBIE is prohibited.
BOOBIE is prohibited.
New York DMV

Getting political is a dead end too — FJOEBIDN, FDTRUMP and CNNLIES were nixed.

LUDEDUDE, NARCO, GOT METH and BLUNT also went up in smoke.

Staten Island attorney Bill Dertinger said his blue 1995 Jaguar SJS was tagged with ESQLTD after his company and his 2014 Porsche had the plate GHOSTGTS because the sleek sportscar was white.

“The plates can make you stand out — which can be a curse or a blessing,” the 54-year-old Dertinger said. “Make sure you don’t cut anybody off.”

A man attempted to sneak in “YESDADDY” onto his license plate.
A man attempted to sneak in “YESDADDY” onto his license plate.
New York DMV
The DMV stopped a request for “FJOEBIDEN.”
The DMV stopped a request for “FJOEBIDEN.”
New York DMV
The DMV also rejects any license plates referring to politics.
The DMV also rejects any license plates referring to politics.
New York DMV

There must be a New York Jets fan playing referee at the DMV because a request for the seemingly innocent plate GASE was sidelined. Ex-Jets head coach Adam Gase had an offensive 9-23 win-loss record during his forgettable two-year tenure.

The DMV would not reveal who gives the final yea or nay.

“The DMV reviews all custom license plate requests and works hard to ensure that any combinations that may be considered objectionable are rejected,” said agency spokesman Tim O’Brien.

“GLOCKS” referring to guns is not accepted by the DMV.
“GLOCKS” referring to guns is not accepted by the DMV.
New York DMV
“FLYMOFO” is not approved by the DMV.
“FLYMOFO” is not approved by the DMV.
New York DMV

He said guidelines on what plate combinations are restricted can be found on the DMV website: https://dmv.ny.gov/learn-about-personalized-plates. Approximately 50,000 personalized and custom plates are sold per year, O’Brien said.

Bagged Tags

The state DMV has rejected 3,752 requests for custom license plates in the last three years because it deemed them potentially offensive. Here are some:

YESDADDY

FJOEBIDN

FDTRUMP

GLOCKS

FLYMOFO

BOOBIE

AS5M4N

BUDLIGHT

DEADGIRL

SUM8ITCH

GENOC1DE

S8TAN

CNNLIES

DETONATE

MURDERM3

MILFDAD

WLHUNG

Source: NYS DMV

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