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US job growth unexpectedly jumps in May as economy adds 339,000 new positions
The rubes aren't falling for it.Read the comments. [FoxBusinessNews] May jobs report shows US economy added 339,000 jobs last month. U.S. job growth unexpectedly surged in May, as the labor market remained surprisingly resilient even in the face of rising interest rates, declining economic growth and chronic inflation. Employers added 339,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily beating the 190,000 jobs forecast by Refinitiv economists. That also marks an increase from April, when payrolls increased by an upwardly revised 294,000. At the same time, a separate report based on a survey of households, offered a slightly different picture of the labor market. The report indicated the unemployment rate climbed to 3.7% from 3.4%, even though the labor force participation rate remained unchanged last month. It was the highest jobless rate since October 2022 and the biggest increase since the early days of the COVID-19 pandemic. Wage growth also cooled last month, with average hourly earnings – a key measure of inflation – rising 0.3%, in line with estimates. On an annual basis, wages rose 4.3% in May.
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