The Bureau of Labor Statistics published the May job numbers Friday. The Bureau of Labor Statistics released the May job numbers on Friday.
The unemployment rate has risen to 3.7%, but that is still a historically-low figure.
The Friday report will be closely examined, as it is coming against a backdrop of major economic developments including the Fed rate hikes and turmoil in the banking sector, along with a weak housing market.
The Fed may be tempted to raise rates later this month if the stronger jobs report indicates that the rate hikes haven’t hurt the labor market nearly as much as they were expected.
This reading comes after several months of solid job gains. It is a bright spot for the economy, one that President Joe Biden has praised even though inflation continues to eat away at the paychecks of Americans. Recent employment reports show that the economy is still thriving, as the unemployment rate has dropped to multi-decade levels.
The latest report shows that the labor markets are still showing signs of resilience halfway through 2023, which lessens fears about a possible recession.
Economists predicted between 180,000 and 190,000.
The Washington Examiner has more on
#BREAKING: Economy added 339,000 new jobs in May despite Fed rate hikes, unemployment at 3.7% https://t.co/ZZOzBWmmOf
Washington Examiner June 2, 2020
