Friday’s report from the government reflected the job market’s resilience after more than a year of rapid interest rate increases by the Fed.
The increase in the unemployment rate partly reflected higher layoffs, suggesting that not all those who lost jobs in recent cuts by tech companies, banks and media companies have found new work.
In Friday’s report, the government sharply revised up its estimate of job growth in March and April by an additional 93,000 jobs, underscoring the labor market’s durability. The May jobs report adds to other recent evidence that the economy is still managing to chug ahead despite long-standing predictions that a recession was near. Consumers ramped up their spending in April, even after adjusting for inflation, and sales of new homes rose despite higher mortgage rates.
And consumers are showing signs of straining to keep up with higher prices. The proportion of Americans who are struggling to stay current on their credit card and auto loan debt rose in the first three months of this year, according to the Federal Reserve Bank of New York.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed’s Beige Book: Economic activity was little changed overall in April and early MayAccording to Federal Reserve’s Beige Book, “economic activity was little changed overall in April and early May”. The expectations for future growth d
Read more »
Fed's new projections may fill the void on interest rate guidanceFederal Reserve officials, whose hike, skip or pause messaging on interest rates has become a high-stakes word puzzle for investors, seem ready to end the U.S. central bank's run of 10 straight rate increases later this month while leaving the door open to a future rise in borrowing costs.
Read more »
Economy added 339,000 new jobs in May despite Fed rate hikes, unemployment at 3.7%The economy again beat expectations in May and added 339,000 jobs, showing that the labor market is still holding up despite the Federal Reserve’s rate hiking.
Read more »