The U.S. economy added 339,000 jobs in May while the unemployment rate rose to 3.7%, the Labor Department said Friday.
The jobless rate has bounced between 3.4 percent — its level in April — and 3.7 percent since March 2022.
The Labor Department also revised March and April’s job gains up by a combined 93,000 jobs, reflecting the job market’s resilience as the broader economy slows.
While job growth has slowed from the hiring explosion seen in the wake of the pandemic, the U.S. has added more than 850,000 jobs over the past three months.
Wages are also rising steadily despite the efforts of the Federal Reserve to cool down the job market.
Average hourly earnings increased by 4.3% over the past 12 months.f
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