US employers added 390,000 jobs in May, as hiring shows signs of cooling off
The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit.While the number of jobs added was down from the revised total of 436,000 in April, it was better than many were forecasting. The consensus of economists surveyed by Reuters had been for a gain of 325,000 jobs. And while the unemployment rate did not fall to 3.5% as predicted, it remained at a level considered to be full employment by many economists.
Read MoreAutomakers and their parts suppliers also lost 3,500 jobs as plants had to temporarily shut down or eliminate shifts due to a shortage of computer chips and other materials needed to build cars and trucks.The biggest job gains came in the leisure and hospitality sector, which added 84,000 jobs in anticipation of a strong summer travel season, due to pent-up demand from people wanting to go on vacation. Employers were able to add jobs despite a shortage of workers looking for positions.
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