Employers added 339,000 jobs in May as hiring surged
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Hiring surged in May, indicating the job market remains resilient despite high interest rates and still-elevated inflation.
Employers added 339,000 jobs last month, accelerating the pace of hiring in April, the Labor Department reported Friday. That's far above economists' expectations for about 190,000 new jobs.
Hiring was broad, with jobs added in construction, transportation, leisure and hospitality, professional and business services, health care and social assistance and government.
"The labor market continues to move full speed ahead, with the biggest gains in the services sector," noted Bright MLS chief economist Lisa Sturtevant in an email after the numbers were released.
The unemployment rate also rose, to 3.7% from 3.4%, as more people entered the job market and some people lost jobs. The jobless rate only counts people who do not have a job and are actively looking for one.
"From our point of view, talent is still in the driver's seat and that hasn't changed," Kate Duchene CEO of consultancy RGP, told CBS MoneyWatch this week.
This is a developing story.
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