🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

U.S. economy adds 339,000 jobs in May

Published 06/02/2023, 08:48 PM
© Reuters.

Investing.com -- U.S. employers unexpectedly increased hiring in May, although wage growth eased, in one of the final data points that Federal Reserve officials will have available as they mull over their next rate decision later this month.

According to data from the Labor Department's Bureau of Labor Statistics on Friday, the world's largest economy added 339,000 jobs last month, climbing from an upwardly revised reading of 294,000 in April. Economists had seen the figure at 180,000.

Meanwhile, the unemployment rate rose to 3.7% from 3.4% in April and average hourly earnings grew by 0.3% after advancing 0.4% month-on-month.

Fed officials are paying particularly close attention to these figures ahead of their upcoming two-day gathering starting on June 13. Debate still remains over whether the U.S. central bank will skip an increase in borrowing costs or continue on an over-year-old policy tightening campaign aimed at corralling elevated inflation.

Softening the labor market has been a central pillar of these now ten-consecutive rate hikes. In theory, a cooling in labor demand may contribute to a slowdown in price growth via a weakening in wage pressures.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.