US economy adds 223,000 jobs in May – Labor Dept.

WASHINGTON, The US economy added a robust 223,000 jobs in May, according to the latest figures released by the Labor Department Friday.

Nonfarm payrolls increased by 223,000 jobs last month, 15,000 more jobs than previously reported in March and April, according to the Labor Department’s latest jobless report. Warm weather boosted hiring at construction sites and in retail and leisure and hospitality sectors. The country’s jobless fell slightly to 3.8 percent in May, the lowest unemployment rate since 1969.

However, hourly pay rose only by a sluggish 2.7 percent year on year, nearly half the wage growth expected with unemployment rate this low. With inflation at just over 2 percent, American workers felt little or no net wage increase.

Despite the low wage growth, the Federal Reserve, which next meets on June 12-13, is likely to approve an increase in its benchmark interest rate at the June meeting of its Federal Open Market Committee.

Source: Kuwait News Agency

US economy adds 223,000 jobs in May – Labor Dept.

WASHINGTON, The US economy added a robust 223,000 jobs in May, according to the latest figures released by the Labor Department Friday.

Nonfarm payrolls increased by 223,000 jobs last month, 15,000 more jobs than previously reported in March and April, according to the Labor Department’s latest jobless report. Warm weather boosted hiring at construction sites and in retail and leisure and hospitality sectors. The country’s jobless fell slightly to 3.8 percent in May, the lowest unemployment rate since 1969.

However, hourly pay rose only by a sluggish 2.7 percent year on year, nearly half the wage growth expected with unemployment rate this low. With inflation at just over 2 percent, American workers felt little or no net wage increase.

Despite the low wage growth, the Federal Reserve, which next meets on June 12-13, is likely to approve an increase in its benchmark interest rate at the June meeting of its Federal Open Market Committee.

Source: Kuwait News Agency