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More job gains point to a solid economy and Fed rate hikes
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates.
Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained 3.6%, just above a half-century low, the Labor Department said Friday.
The job growth in May, though healthy, was the lowest monthly gain in a year. But it was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years. Stock market indexes fell Friday after the government released the jobs report, reflecting that concern.
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.
“Given all the talk we’ve heard about recession and economic headwinds, it was very reassuring to see a solid jobs number,” said Mark Vitner, senior economist at Wells Fargo."
https://apnews.com/article/us-economy-jobs-report-493e18e85978b9655766ef3129d8d4f8
The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit.
While the number of jobs added was down from the revised total of 436,000 in April, it was better than many were forecasting. The consensus of economists surveyed by Reuters had been for a gain of 325,000 jobs. And while the unemployment rate did not fall to 3.5% as predicted, it remained at a level considered to be full employment by many economists.
https://www.cnn.com/2022/06/03/economy/may-jobs-report-final/index.html
More job gains point to a solid economy and Fed rate hikes
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates.
Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained 3.6%, just above a half-century low, the Labor Department said Friday.
The job growth in May, though healthy, was the lowest monthly gain in a year. But it was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years. Stock market indexes fell Friday after the government released the jobs report, reflecting that concern.
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.
“Given all the talk we’ve heard about recession and economic headwinds, it was very reassuring to see a solid jobs number,” said Mark Vitner, senior economist at Wells Fargo."
https://apnews.com/article/us-economy-jobs-report-493e18e85978b9655766ef3129d8d4f8
The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit.
While the number of jobs added was down from the revised total of 436,000 in April, it was better than many were forecasting. The consensus of economists surveyed by Reuters had been for a gain of 325,000 jobs. And while the unemployment rate did not fall to 3.5% as predicted, it remained at a level considered to be full employment by many economists.
https://www.cnn.com/2022/06/03/economy/may-jobs-report-final/index.html
