The U.S. added 339,000 jobs in May and the unemployment rate rose to 3.7 percent, according to data released Friday by the Labor Department.
The job market scrambled the expectations of economists in May.
Expert forecasters projected a gain of roughly 195,000 jobs last month, according to consensus estimates, but for the jobless rate to stay largely even at 3.5 percent.
The jobless rate has bounced between 3.4 percent — its level in April — and 3.7 percent since March 2022.
The Labor Department also revised March and April’s job gains up by a combined 93,000 jobs, the latest sign of the job market’s resilience as the broader economy slows.
Job market holds strong after rate hikes, bank fears
Businesses have powered through an economic obstacle course this year to keep adding workers and creating new positions as a stellar rate.
While job growth has slowed from the hiring explosion seen in the wake of the pandemic, the U.S. has added more than 850,000 jobs over the past three months.
Wages are also rising steadily despite the efforts of the Federal Reserve to cool down the job market. Average hourly earnings rose a sturdy 4.3 percent over the past 12 months.
Updated at 8:49 a.m.
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Source: The Hill
Hair-Pulling, Brawls, a Dead Horse: Cheerleader Sues School Over Next-Level Bullying
Older adults, people with disabilities need help amid disasters
Khalil Mack records six sacks to help Chargers outlast Raiders
Inside Team Europe’s Ryder Cup celebrations as McIlroy swigs from trophy
S Korean Court Jails Septuagenarian BTC Fraudster
Bybit to Stop UK Services as Fin Regulators Clamp Down – Are You Affected?
11 Hidden Sales You Don't Want to Miss: Pottery Barn, SKIMS & More
Things Lie About Their Identities Just Like People Do
Emirates Seeks Experienced Airbus Captains to Join its Expanding A380 Fleet
Chelsea ‘confident of signing’ Ivan Toney as Brentford slap £60m fee on striker
Josh Duggar Has Had a Change to His Prison Release Date Once Again
Review & setlist: Lil Yachty’s effortlessly cool Field Trip Tour drives Boston to the next rap frontier
‘When Calls the Heart’ Season 10 Episode 10 Recap: Lucas Defends Hope Valley
Providence woman convicted of involuntary manslaughter in overdose death of North Attleboro man
Nicole Scherzinger and Fiance Thom Evans Met While She Judged Him on ‘X Factor: Celebrity’
Finance19 hours ago
Chainlink Completes Falling Wedge on Weekly Timeframe While P2E Battle Token Crosses $150k in Presale
Lifestyle19 hours ago
15 Affordable Products to Help Your Tech Feel Like New Again
News20 hours ago
Meghan Markle Linked to Run for Dianne Feinstein’s Senate Seat
Finance20 hours ago
Fentanyl Isn’t Just Smuggled In From Mexico. It Also Arrives Duty Free By Mail
Finance16 hours ago
Congress Passes Funding Bill to Avoid US Government Shutdown
News8 hours ago
Wallace: I asked PM to give Ukraine £2.3 billion more for battle with Russia
Politics15 hours ago
Biden and Trump bring cold comfort to auto workers girding for long strike
News20 hours ago
As D.C. weighs sexual harassment policy, data show scope of complaints