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The economy adds 339,000 jobs in May despite the rise in interest rates and exceeds the expectations of experts

2023-06-02T13:33:10.609Z

Highlights: 339,000 jobs were created versus 190,000 estimated by experts. Job creation focused on professional and business services, government, health care, construction, transport and storage, and social assistance. The unemployment rate rose however three tenths, to 3.7%, after marking its lowest in five decades in April, and reached its highest level since last October. In total, there are 6.1 million people out of work in the United States. The average workweek was reduced by six minutes, to 34.3 hours.


However, the unemployment rate increased slightly, standing at 3.7%. The groups most affected were women and black people. The rate for Hispanics is 4%.


The U.S. economy continued to add jobs in May, and hiring rose more than expected despite headwinds, the Labor Department said Friday. 339,000 jobs were created versus 190,000 estimated by experts. This adds up to more than two years of growth, despite the rise in interest rates against inflation and bank instability.

Job creation focused on professional and business services, government, health care, construction, transport and storage, and social assistance.

The unemployment rate rose however three tenths, to 3.7%, after marking its lowest in five decades in April, and reached its highest level since last October. In total, there are 6.1 million people out of work in the United States. Unemployment rose especially among women (3.3%) and blacks (5.6%). There was little change in the rate for men (3.5%), teens (10.3%), whites (3.3%), Asians (2.9%) and Hispanics (4%).

Nam Y. Huh / AP

Average hourly earnings, a key indicator in the evolution of inflation, increased by three tenths; Wages accumulate a rise of 4.3% in the last 12 months. And the average workweek was reduced by six minutes, to 34.3 hours.

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Professional and business services led job creation during the month with 64,000 new hires. The government helped boost the numbers with the addition of 56,000 jobs, while healthcare contributed 52,000.

Markets reacted positively this morning to the jobs report and the debt ceiling limit agreement approved yesterday in Congress, CNBC said, and Treasury yields also rose.

Source: telemundo

All news articles on 2023-06-02

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