U.S. labor market defies expectations, adding thousands more jobs in May
The U.S. added back another 390,000 jobs in May, performing better than economists expected as the strong labor market recovery encourages Federal Reserve officials to more aggressively raise interest rates in their fight against inflation—even as experts worry over the potential implications for economic growth....
Despite the better-than-expected gains, the unemployment rate remained flat at 3.6%—falling short of expectations calling for a return to the prepandemic rate of 3.5% in February 2020, when unemployment was hovering at its lowest level since 1969.
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