US Economy Added 390,000 Jobs in May
Summary from the AllSides News Team
The U.S. economy beat economists' expectations in May by adding 390,000 jobs, according to the Labor Department.
Economists surveyed across the spectrum predicted that 325,000 jobs would be added. May's total was higher than expected, but still the fewest amount of jobs added in a month over the past year. The unemployment rate in May was 3.6%, remaining steady from April at its lowest point since the COVID-19 pandemic began. The biggest job gains by industry in May were in leisure and hospitality (84,000), professional and business services (75,000) and transportation and warehousing (47,000).
Earnings also rose 5.2% in May from the previous year, well above the pre-pandemic average of 3%. Meanwhile, the annual inflation rate remains high at 8.3%; the Labor Department's most recent inflation data is expected next week.
News sources across the political spectrum covered the data prominently, and many framed it as indicative of strong job growth while also highlighting some less promising details. One report from Fox Business placed the data in the context of "growing fears of a recession amid sky-high inflation and an increasingly aggressive Federal Reserve." Another report from CBS News said the job market "may be cooling from its red-hot pace last year," and pointed to how wage growth remains below the inflation rate.
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From the Left
Hiring stayed strong in May, with employers adding 390,000 jobs
Hiring remained strong in May, with employers adding 390,000 jobs despite high inflation and worries about an economic slowdown.
Last month's hiring exceeded economists' predictions that employers had added 325,000 jobs in May.
The unemployment rate stayed steady at 3.6%, on par with the last two months and close to its pre-pandemic level. Wages grew 5.2% over the last 12 months.
Leisure and hospitality, professional and business services and transportation and warehousing led the job gains, the Labor Department said Friday.
Still, there were signs the job market may be cooling from its...
From the Left
US added 390,000 jobs in May as hiring remained robust 
U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.
Last month’s gain reflects a still-healthy job market despite concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises rates to fight inflation. The unemployment rate was unchanged at a low 3.6%, the Labor Department said Friday.
Businesses in many industries remain desperate to hire because their customers have kept spending freely despite intensifying concerns about high...
From the Right
US economy sees solid job growth in May as payrolls jump by 390,000
The U.S. economy continued to see healthy job growth in May, indicating the labor market is still strong despite growing fears of a recession amid sky-high inflation and an increasingly aggressive Federal Reserve.
Employers added 390,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, beating the 328,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, held steady at 3.6%, the lowest level since February 2020.
Job gains were broad-based, with the biggest increases in the pandemic-battered leisure and hospitality industry (84,000), professional and business services (75,000)...
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