January 30, 2023

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390,000 jobs were created in the United States in May

390,000 jobs were created in the United States in May

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Washington: According to a government report released on Friday, 390,000 jobs were created in the United States last month, and the recession at work amid labor shortages was better than expected.

The unemployment rate has stabilized at 3.6 percent for the third consecutive month, 10 points higher than the pre-epidemic rate recorded in February 2020, according to the Ministry of Labor.

Restaurants and hotels, which were badly affected by the Govt-19 eruption and measures taken to control it, showed a strong recovery in May, and the sector generated 84,000 jobs, according to government data.

However, there are still 1.3 million fewer jobs in the sector compared to the pre-epidemic stage.

Wage increase
Employers are struggling to fill vacancies, which has led to wage increases, and the average hourly wage is $ 31.95, ten cents higher than it was in April.

The wage rate has increased by 5.2 per cent compared to May 2021, but the recession has been recorded in this category as compared to the previous month, the report said.

Raising interest rates
This could be a positive development for the Federal Reserve (US Federal Reserve), which has introduced a drastic plan to raise interest rates to combat inflation, which has risen to its highest level in more than forty years.

The labor force participation rate rose slightly to 62.3 percent, signaling a return of more workers to the labor market, which will ease the pressure on wages.

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