US added 172K jobs in May, even as inflation squeezes consumers
The U.S. economy added a robust 172,000 jobs in May, a sign that the labor market remained resilient even despite a growing energy and inflation crisis triggered by the ongoing war in Iran.
According to the Bureau of Labor Statistics, the unemployment rate remained steady at 4.3%. Average hourly earnings rose 3.4% from a year ago, which puts wage growth below inflation. In April, inflation sharply jumped to a 3.8%, its highest level in three years, due to the surging price of gasoline and the resulting economic ripple effect.
Since the war with Iran started on Feb. 28, the average price of retail gasoline has soared more than 40% as the price of U.S. crude oil increased more than 35%.
Tagged: Economy BACK TO HOMEPAGE