US added 172,000 jobs in May as labor market shows signs of resilience
Summary
The US added 172,000 jobs in May, keeping the unemployment rate steady at 4.3%. This shows the labor market remains strong despite economic challenges like inflation and conflict abroad.Key Facts
- Employers added 172,000 jobs in May, more than the expected 80,000.
- The unemployment rate stayed at 4.3% in May.
- Job numbers for March and April were revised upward by a total of 93,000.
- Private companies added 122,000 of the new jobs in May, with most industries hiring except information and natural resources.
- The number of job openings increased to 7.6 million in April.
- Kevin Warsh became the new chair of the Federal Reserve in May, appointed by President Trump.
- The Fed usually lowers interest rates when the labor market weakens, but raising rates can slow inflation at the risk of higher unemployment.
- Economists predict the Fed will keep rates steady in June, though President Trump and his advisers want rate cuts.
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