U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates.
Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained 3.6%, just above a half-century low,The job growth in May, though healthy, was the lowest monthly gain in a year. But it was high enough to keep the Fed on track to pursue what's likely to be the fastest series of rate hikes in more than 30 years.
Rising prices might also have led some to take jobs: The number of people ages 55 or over who are working rose last month, suggesting that some older Americans are “unretiring” after leaving their jobs — or being laid off — during the pandemic and its aftermath. Yet there are signs that some companies, facing rising costs for parts and labor, are starting to think twice about demands for higher pay.
Tom Gimbel, chief executive of the LaSalle Network, a staffing firm in Chicago, said his client companies are still eager to hire and to offer solid pay to new employees. But they're also being choosier about job applicants as a result.
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