WASHINGTON — U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.
Businesses in many industries remain desperate to hire because their customers have kept spending freely despite intensifying concerns about high inflation. Americans’ finances have been buoyed by rising pay and an unusually large pile of savings that were accumulated during the pandemic, particularly by higher-income households.
Nearly every large industry added workers in May. One major exception was retail, which shed nearly 61,000 positions. Some large retailers, including Walmart and Target, have reported disappointing sales and earnings. Last month, Walmart said it had over-hired and then reduced its head count through attrition.
Source: Financial Digest (financialdigest.net)
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