US Economy Beats Expectations in May, Adds 339,000 New Jobs

US Economy Beats Expectations in May, Adds 339,000 New Jobs

US Economy , Beats Expectations in May, , Adds 339,000 New Jobs.

On June 2, the United States Labor Department's latest update showed the U.S. economy continued to add jobs in May, exceeding economists' expectations.

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On June 2, the United States Labor Department's latest update showed the U.S. economy continued to add jobs in May, exceeding economists' expectations.

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NBC reports that payrolls in both the public and private sectors grew by 339,000, well over the 190,000 predicted by the Dow Jones.

NBC reports that payrolls in both the public and private sectors grew by 339,000, well over the 190,000 predicted by the Dow Jones.

The gain marks the 29th consecutive month of positive job growth.

Meanwhile, the unemployment rate climbed 3.7% in May, more than anticipated, which is the highest it's been since October of 2022.

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NBC reports that average hourly earnings increased in May, rising 0.3% to match economists' expectations.

The report had a positive impact on markets, sending Dow Jones futures up about 200 points.

In May, professional and business service jobs added 64,000 new positions, leading job creation.

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Both the government and health care contributed to the higher-than-expected numbers, adding over 50,000 jobs each.

Both the government and health care contributed to the higher-than-expected numbers, adding over 50,000 jobs each.

NBC reports that the good news for the job market comes amid lingering uncertainty about the economy, with many economists predicting a possible recession.

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Since March of 2022, the Federal Reserve has increased interest rates 10 times as part of its effort to combat persistent inflation.