By Gabriel T. RubinU.S. employers added 339,000 jobs in May as the labor market showed resilience in the face of rising interest rates and elevated inflation. March and April's totals were both revised upward for a net gain of 93,000 jobs, the Labor Department said Friday. The unemployment rate rose to 3.7%, still near historic lows but an uptick from April's 3.4%. Federal Reserve officials are closely monitoring the labor market as they consider their next policy move. Fed officials have signaled they are increasingly likely to hold interest rates steady at their meeting June 13-14 before preparing to raise them again later this summer.

Source: Wall Street Journal June 02, 2023 13:17 UTC