The U.S. added 339,000 jobs in May. It’s a stunningly strong number

The U.S. added 339,000 jobs in May, a surge in hiring that exceeded expectations.

The specifics: According to the Labor Department, job growth for March and April was also stronger than previously reported.
* April’s jobs data was revised up by 41,000 to 294,000 jobs, while March numbers were revised up by 52,000.

Industry breakdown: The strong jobs numbers indicate substantial growth in business services, health care, and hospitality sectors.
* Construction companies added 25,000 jobs, even with high interest rates affecting the housing market.

Broader implications: The robust labor market may reinforce concerns about inflation and influence the Federal Reserve’s decisions on raising interest rates.
* The unemployment rate increased slightly to 3.7% in May, but the labor market remains on a red-hot streak.

View original article on NPR

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