US job growth blew past estimates in May even as unemployment edged up, data showed today, underscoring the labour market’s resilience as policymakers seek to cool the economy gradually. — Reuters picWASHINGTON, June 7 — US job growth blew past estimates in May even as unemployment edged up, data showed today, underscoring the labour market’s resilience as policymakers seek to cool the economy gradually.
The world’s biggest economy added 272,000 jobs last month, up from a revised 165,000 in April, said the Department of Labour.This was significantly above the 185,000 increase analysts predicted according to Briefing.com. It was also the highest level since December 2023.But unemployment is still at a relatively low level compared with recent decades, painting a picture of a still-healthy labour market.
The US central bank has held rates at a 23-year high in recent months, in hopes of easing demand to rein in inflation sustainably. While average hourly earnings rose by 0.4 per cent month-on-month, the year-on-year increase of 4.1 per cent remains similar to the level in recent months.