U.S. Employers Added 272,000 Jobs Last Month

America’s employers added a strong 272,000 jobs in May, accelerating from April, indicating that companies are still confident enough in the economy to keep hiring despite persistently high interest rates, Christopher Rugaber reported for the Associated Press (AP).

Last month’s sizable job gain suggests that the economy is still growing steadily, propelled by consumer spending on travel, entertainment, and other areas of the service sector.

Last month’s sizable job gain suggests that the economy is still growing steadily, propelled by consumer spending on travel, entertainment, and other areas of the service sector.

US airports, for example, reported record traffic over the Memorial Day weekend.

A healthy job market typically drives consumer spending, the economy’s principal fuel. Though some recent signs have raised concerns about economic weakness, May’s jobs report should help assuage those fears.

Still, the recent report from the government included some signs of a potential slowdown.

The unemployment rate, for example, edged up for a second straight month, to a still-low 4%, from 3.9%, ending a 27-month streak of unemployment below 4%.

That streak had matched the longest such run since the late 1960s. President Joe Biden is still likely to point to Friday’s jobs report as a sign of the economy’s robust health under his administration.

The presumptive Republican nominee, Donald Trump, has focused his criticism of Biden’s economic policies on the surge in inflation, which polls show still weighs heavily in voters’ assessment of the economy.