Hiring Frenzy Takes Hold in U.S.
Posted on 06/02/2023
There were 339,000 new jobs in the U.S. in May 2023, a blowout month for employment in the U.S.
March and April 2023 numbers were also revised up, March to 52,000 and April to 41,000. Business, health care, and hospitality were booming according to data and construction alone hired 25,000. Unemployment reached 3.7%. Average wages rose 4.3% year over year.
All eyes are now on the Fed as interest rate policy is due in part to the unemployment picture. The question of whether to hike interest rates or not remains open. Many have believed that the Fed will stop raising rates, however, Federal Reserve Chairman Jerome Powell has maintained strong language and expressed determination in his fight against inflation.
Keywords: Federal Reserve System.
