The nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of strength in an economy that the Federal Reserve is desperately trying to cool.
PUBLISHED 8:35 AM EDT Jun. 02, 2023The nation's employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of strength in an economy that the Federal Reserve is desperately trying to cool.
Having imposed 10 straight rate hikes since March 2022, the Federal Reserve is widely expected to skip a rate increase when it meets later this month, though it may resume its hikes after that. Chair Jerome Powell and other Fed officials have made clear that they regard strong hiring as likely to keep inflation persistently high because employers tend to sharply raise pay in a tight job market.
"Our work is far from finished, but this agreement is a reminder of what’s possible when we act in the best interests of our country," he concluded. "All of that is, in many ways, still about to hit the economy," he continued. "The combination of ... continued job growth, wages moving in the right direction, inflation trending down, new private investment dollars coming, I think the outlook for the economy is very strong.
"We're probably going to be looking at higher interest rates for a period of time, and maybe even higher interest rates as we move into the summer," Kayes said. "If you're looking to buy a house or a car or taking out a loan, you're going to be paying more on interest. However, if you're a saver, or you're a retired person, and you want to get more income from your investments, then this is probably a good sign for you.
The U.S. economy as a whole has been gradually weakening. It grew at a lackluster 1.3% annual rate from January through March, after 2.6% annual growth from October through December and 3.2% from July through September.
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US employers added a strong 339,000 jobs in May as labor market stays durableU.S. employers added a robust 339,000 jobs in May in a sign of a still-healthy labor market despite the Fed's rate hikes. See the numbers.
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