U.S. Added 390,000 Jobs In May As Unemployment Remained Unchanged At 3.6%

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The U.S. economy added 390,000 jobs in May, beating expectations, amid concerns that the market could be in for some turbulence.Unemployment remained unchanged at 3.6%.President Joe Biden is expected to address the latest numbers on Friday morning.The Bureau of Labor Statistics said that the job growth occurred in leisure and hospitality, professional and business services and transportation and warehousing.

The retail trade showed a decline, by 61,000 jobs, in what may be a sign that consumers are curbing spending amid high inflation.Harvard professor Jason Furman wrote on Twitter that the May figures were a “nice simple jobs report with all the numbers lining up coherently and well.” He added that one figure — showing average hourly earnings growth shifting from a 6% to a 4.5% page, was “reassuring” for curbing inflation.Mark Zandi, chief economist at Moodys Analytics, said that the May report “holds lots of good news.” But he wrote that “job growth needs to slow more this summer – get down closer to 150k.

This will ensure the economy doesn’t blow past full-employment, fan wage growth, and exacerbate the high inflation. But today’s job report suggests that’s precisely where the economy is headed.”There has been considerable angst over the economy’s future health.

Jamie Dimon, CEO of JPMorganChase, drew considerable attention this week when he warned people to “brace youself” for a potential economic hurricane, citing inflation and the corresponding interest rate hikes by the Federal Reserve.Broadcast networks’ fall lineups and schedulesNew and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2021-22