The Labor Department's May jobs report came in better than expected, paving the way for a series of half-point rate hikes at upcoming Federal Reserve meetings.
May jobs report beats expectations with 390K jobs added to the economy. FOX Business' Edward Lawrence with more.lifting interest rates by a half-percentage point at its meeting in two weeks and again in July as it races to fight inflation.
"This does not look like a labor market about to tip into recession," said Daniel Zhao, senior economist at jobs review website Glassdoor. "Job gains were healthier than expected and the labor force participation rate ticked up. Despite concerns about a slowdown and even a recession, the labor market’s fundamentals look healthy."
A man wearing a mask walks past the U.S. Federal Reserve building in Washington D.C., the United States, on April 29, 2020. The strong labor market is in part fueling record-high inflation, as millions of workers are seeing the largest pay gains in years — the result of companies competing with one another for a limited number of employees. Earnings rose 5.2% in May from the previous year, much higher than the pre-pandemic average of 3%. There are signs that growth could be moderating though, with earnings climbing just 0.3% on a monthly basis, slower than Refinitiv expected.
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