The US economy added 390,000 jobs in May

The labor market remains solid, but there are signs that changes may be coming. The US Department of Labor says the economy added 390,000 jobs in May. That’s a little better than economists had expected, but it’s also the first time in a year that monthly job gains have fallen below 400,000. The jobless rate was unchanged at 3 .6%. that employers continue to bring more people online,” says CBS News business analyst Jill Schlesinger. One of those new jobs was for recent high school graduate Jacob Bradley. The Kentucky teenager agreed to work at a local plumbing company by signing a letter of intent, a ceremony typically reserved for high schoolers heading into varsity athletics. “It’s just more my style. I’ve never really been one to be an accountant or a sit-down guy. I really like working with my hands,” says Bradley. The unusual gesture of having an employee sign a letter of intent shows how ready companies are to seek out new workers. The latest data from the Department of Labor reveals that there are nearly 11.4 million record job vacancies. President Biden says this is an indicator that the economy remains strong. “This stability puts us in a strong position to tackle what is clearly a problem, inflation,” the president said on Friday. Ongoing inflation will likely have an impact on the labor market. The Federal Reserve is expected to continue raising interest rates to dampen price increases, which will also slow the economy. “That’s actually consistent with an economy resetting and that resetting means the number of jobs created each month will slowly decline,” Schlesinger said. Even with the decline, the overall labor market should remain strong in the month ahead. Other headlines:

The labor market remains solid, but there are signs that changes may be coming.

The US Department of Labor says the economy added 390,000 jobs in May. That’s slightly better than economists expected, but it’s also the first time in a year that monthly job gains have fallen below 400,000.

The unemployment rate remained unchanged at 3.6%.

“We’re seeing such strong hiring and it’s probably good news for workers too that employers continue to bring more people online,” says CBS News business analyst Jill Schlesinger.

One of those new jobs was for recent high school graduate Jacob Bradley. The Kentucky teenager accepted

work at a local plumbing company by signing a Letter of Intent, a ceremony typically reserved for high schoolers heading into varsity athletics. “It’s just more my style. I’ve never really been one to be an accountant or a sit-down guy. I really like working with my hands,” says Bradley.

The unusual decision to have an employee sign a letter of intent shows how far companies are willing to go to find new workers. The latest data from the Department of Labor reveals that there are nearly 11.4 million record job vacancies. President Biden says this is an indicator that the economy remains strong.

“This stability puts us in a strong position to tackle what is clearly a problem, inflation,” the president said on Friday.

Continued inflation will likely impact the labor market. The Federal Reserve is expected to continue raising interest rates to dampen price increases, which will also slow the economy. “It actually corresponds to an economy resetting itself and this resetting means that the number of jobs created each month will slowly decline,” Schlesinger said.

Even with the decline, the overall labor market should remain strong over the coming months.

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