Hiring surges as US adds 339,000 jobs in May: Numbers beat expectations of 190,000 as unemployment rate rises to 3.7%
The US economy defied predictions of a slowdown to add a solid 339,000 jobs in May.
Figures released by the Bureau of Labor Statistics on Friday crushed economists’ expectations of the 190,000 new jobs that would be added.
It marks the 14th straight month that job creation has exceeded what Wall Street economists had expected.
The US unemployment rate rose to 3.7 percent, but remains close to the low unemployment levels of the late 1960s.
The economic news came as Dow futures rose following overnight action by the Senate on Thursday to pass a debt limit deal that prevents a possible default on US obligations as soon as the ‘X date’ of the Monday.
President Biden praised that deal in a statement Thursday night.
“No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a great victory for our economy and the American people,” Biden said in the statement. “It protects the core pillars of my Investing in America agenda that are creating good jobs across the country, fueling a resurgence in manufacturing, rebuilding our infrastructure and promoting clean energy,” he added.
Biden plans to cap off his week with a speech on avoiding default on Friday and then attend a parade at Marine Barracks in Washington, DC.
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The US economy defied predictions of a slowdown to add a strong 339,000 jobs in May