The US economy added 390,000 jobs in May, beating expectations amid fears that there may be some market turmoil.
Unemployment remained unchanged at 3.6%.
President Joe Biden is expected to address the latest data on Friday morning.
According to seasonally adjusted data, employment in films and audio recordings increased by 10,600 to 431,300. A small increase was recorded in radio and television works, almost unchanged at 233,500.
The Bureau of Labor Statistics said employment growth was observed in the leisure and hospitality, professional and business services, transportation and storage sectors. Retail sales showed a drop, with 61,000 jobs, which could be a sign that consumers are limiting spending due to high inflation.
Harvard professor Jason Furman tweeted that the May figures were “a nice and simple employment report, all numbers are consistent and well compiled.” He added that a figure, which shows a change in average hourly earnings growth from 6% to 4.5% to curb inflation, is “reassuring”.
Mark Zandy, chief economist at Moody’s Analytics, said the May report “contained a lot of good news.” But he wrote that “employment growth is expected to slow further this summer, to 150,000”. This ensures that the economy does not exceed full employment, raise fan wages, and exacerbate high inflation. “But today’s job report suggests that’s where the economy is headed.”
There was considerable concern for the future health of the economy. Jamie Dimon, CEO of JPMorganChase, attracted a lot of attention this week when he warned people to “prepare” for a possible economic storm by raising interest rates in line with inflation and the Federal Reserve.
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Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
