The U.S. Department of Labor released its monthly employment report this Friday, detailing what the month of May Some 339,000 jobs have been added, up from 294,000 in April.
The growth was unexpected and exceeded forecasts by Refinitiv economists, who calculated an increase of only 190,000 jobs. This sends a clear signal that the labor market remains strong in the face of persistent increases in interest rates to curb inflation.
A report was also presented on the unemployment rate in the country, which was positioned as the highest since October 2022 at 3.7%. compared to 3.4%, this was partly due to people laid off permanently and those who completed temporary work.
On the other hand, it was pointed out that the number of unemployed in recent months has increased from 179,000 to 858,000, In addition, data were presented on the growth of wages for the month of May, which increased by 4.3% year on year. The labor force remained stable at 62.6% last month, according to the Bureau of Labor Statistics.
In terms of hiring, employment growth has been significant in some sectors such as: leisure and hospitality, medical care, professional and commercial services, transportation and storage is experiencing significant growth.
This week also saw other reports, such as the ADP report, of an increase in private sector hiring that added about 278,000 jobs in March.
In addition to the Bureau of Labor Statistics analysis released this Wednesday of an increase in the number of job offers in the US, which reached 10.1 million in April, compared with 9.745 million in March.
For Becky Frankiewicz, President and Chief Commercial Officer of ManpowerGroup, “With 339,000 open positions, we are still rewriting the rulebook and the US labor market continues to challenge historic definitions,” the statement said.
Some analysts believe that this mixed report on the US labor market puts a lot of pressure on the Fed, many expect an eleventh increase in interest rates in the coming months.
Source: La Opinion
Alfred Hart is an accomplished journalist known for his expert analysis and commentary on global affairs. He currently works as a writer at 24 news breaker, where he provides readers with in-depth coverage of the most pressing issues affecting the world today. With a keen insight and a deep understanding of international politics and economics, Alfred’s writing is a must-read for anyone seeking a deeper understanding of the world we live in.