2023-06-02 14:41:20
The US Federal Reserve has hiked interest rates to the 5.00 to 5.25 percent range since early 2022 in a bid to stem high inflation and cool the overheated labor market.
(Foto: imago images/Westend61)
Washington Far more jobs than expected were created on the US labor market in May. 339,000 new jobs outside of agriculture were added, as the government in Washington announced on Friday. Economists surveyed by the Reuters news agency had only expected 190,000 new jobs.
In addition, the value for job creation in April was revised – to 294,000 from the originally reported 253,000 jobs. However, the separately calculated unemployment rate rose to 3.7 percent in May from 3.4 percent in April. Experts had only expected a slight increase to 3.5 percent.
The US Federal Reserve has raised interest rates from near zero to the 5.00 to 5.25 percent range since early 2022 in a bid to stem high inflation and cool the overheated labor market. Recently, despite the series of interest rates dampening the economy, the number of vacancies, a measure of the demand for workers, has surprisingly increased.
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