Packelle – STOCK.ADOBE.COMThe U.S. added 390,000 jobs in May, the Department of Labor said in its monthly report on Friday. The unemployment rate held steady at 3.6 percent.
The department said the leisure and hospitality sector added 84,000 jobs in May but is still 1.3 million jobs below February 2020. Transportation and warehousing saw 47,000 more jobs last month and is above its February 2020 level by 709,000 jobs.
The manufacturing sector added 18,000 jobs, with 7,000 of those in fabricated metal products. Manufacturing is slightly below February 2020 levels, the department said.
The April jobs tally was revised upward to a gain of 436,000 from the previous announcement of 428,000.
The May report indicates that the hot U.S. job market is cooling slightly, and the monthly result keeps the Federal Reserve on track for additional half-percentage-point interest rate increases in June and July, The Wall Street Journal reported. Fed officials still think they can bring down inflation without weakening the job market significantly, The Wall Street Journal stated.
