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US employers added a surprisingly strong 339,000 jobs in May in a sign of economic health

Economy And Jobs,Unemployment

From the Left

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.

Friday’s report from the government reflected the job market’s resilience after more than a year of rapid interest rate increases by the Fed. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.

Yet there were some mixed messages in the jobs figures, which also showed that the unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April. The government compiles the unemployment data with a different survey than the one used to calculate job gains. The two surveys can sometimes conflict.

The length of the average work week also declined, and wage growth cooled, resulting in a jobs report that economists said painted an unusually complicated picture of the employment market. Still, the overall picture was an encouraging one.

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