U.S. hiring soars in May, despite Fed’s efforts to cool economy

The increase in the unemployment rate partly reflected higher layoffs, suggesting that not all those who lost jobs in recent cuts by tech companies, banks and media companies have found new work.

In Friday’s report, the government sharply revised up its estimate of job growth in March and April by an additional 93,000 jobs, underscoring the labor market’s durability. The May jobs report adds to other recent evidence that the economy is still managing to chug ahead despite long-standing predictions that a recession was near. Consumers ramped up their spending in April, even after adjusting for inflation, and sales of new homes rose despite higher mortgage rates.

And consumers are showing signs of straining to keep up with higher prices. The proportion of Americans who are struggling to stay current on their credit card and auto loan debt rose in the first three months of this year, according to the Federal Reserve Bank of New York.

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Source: Reuters - 🏆 2. / 97 Read more »