Friday's report from the government showed that the unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April.rapid interest rate increases
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. Visitors attend the Venture Miami Tech Hiring Fair at the Miami-Dade College, Wolfson campus, April 26, in Miami. On Friday, the U.S. government issued the May jobs report.
The Federal Reserve's so-called Beige Book, a collection of anecdotal reports mostly from businesses across the country, reported this week that the pace of hiring gains in April and May had "cooled some" compared with previous reports. Many companies reported that they were fully staffed.