U.S. Resists Recession, Added 339,000 New Jobs in May

While talk persists of the United States nearing a recession — amid word that the Euro Zone entered a recession in the first quarter of this year, as reported June 8 by CNBC — the economy continues to shrug off a downturn. According to AP News, the U.S. economy added 339,000 jobs in May — well above expectations and the most jobs added since January.

As noted by AP News, the June 2 report from the government reflected the job market’s resilience after more than a year of aggressive interest rate increases by the Fed. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.

Overall, the report painted a mostly encouraging picture of the job market. Yet there were some mixed messages in the May figures. Notably, the unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April. It’s the highest unemployment rate since October. (The government compiles the unemployment data using a different survey than the one used to calculate job gains, and the two surveys sometimes conflict.)

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Click here for the U.S. Bureau of Labor Statistics’ complete report.

Source: https://rvbusiness.com/u-s-resists-recession-added-339000-new-jobs-in-may/