The US labor market showed strong momentum despite the tightening of monetary policy in May, during which the creation of new jobs exceeded market estimates.
In particular, according to the US Department of Labor, the country’s economy added 390,000 jobs in May, far exceeding the average analyst estimate in Reuters for 318.00 new jobs.
At the same time, the unemployment rate remained at 3.6%, marginally higher than the historical low of December 1969, although the estimate expected a further decline to 3.5%.
It is noted, however, that in April the US economy had added 428,000 jobs, while in general in the previous 12 months the number was over 400,000 bringing employment levels within 1% of the pre-pandemic era.
Source: Capital
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