U.S. Labor Market Shows Resilience With Strong May Hiring
U.S. employers added 339,000 jobs in May as the labor market showed resilience in the face of rising interest rates and elevated inflation.
The job market added more positions in recent months than previously thought, as well. March and April’s totals were both revised upward for a net gain of 93,000 jobs, the Labor Department said Friday. May’s rise marked the 29th straight monthly increase in employment. The unemployment rate rose to 3.7%, still near historic lows but an uptick from April’s 3.4%.
Business services, healthcare, construction, and transportation and warehousing were among...