U.S. Hiring Accelerated In May
The unemployment rate, which is calculated from a separate survey of households, rose from a five-decade low of 3.4% to 3.7%, the Labor Department said Friday.
Economists surveyed by Bloomberg had estimated that 195,000 jobs were added last month.
Also, payroll gains for March and April were revised up by a total 93,000, depicting a stronger labor market in late winter and early spring than believed.
The job market has been remarkably sturdy despite the Federal Reserve’s aggressive interest rate hikes aimed at tamping down hiring and wage growth, and wrestling down inflation.
Fed officials have said they could pause the rate increases at a meeting this month but the blockbuster May jobs report and more worrisome data on inflation later this month could scuttle that plan.
Source: USA Today, 06.02.2023
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