Amazingly, the U.S. job market continues to roar. Here are the 5 things to know – Gist It

Amazingly, the U.S. job market continues to roar. Here are the 5 things to know

The U.S. job market remains strong with the addition of 339,000 jobs in May, surpassing analysts’ expectations.

Surprising job growth: The Labor Department’s report showed widespread growth across various industries, with health care, hospitality, and business services each adding tens of thousands of jobs.
* Construction companies also added 25,000 jobs despite higher interest rates causing a slowdown in the housing market.
* Manufacturing and information-related industries experienced job losses.

Joining the workforce: More people within the 25-54 age range are entering the workforce, with the labor force participation rate reaching its highest level since 2007.
* The share of women within this age range working or looking for work rose to the highest level on record.

Wages on the rise: Average wages in May were 4.3% higher than a year ago, contributing to the strong job market.
* However, higher wages can put upward pressure on prices, making inflation control more difficult for the Federal Reserve.

Unemployment rate increased: Despite the robust job market, the unemployment rate rose to 3.7% in May from a low of 3.4% in April, suggesting mixed feelings about the job market among individuals.

View original article on NPR

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June 3, 2023

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