Unfortunately, both Europe and the US aren’t going through great economic times. Some of the major banks in the US have gone bankrupt, while European nations struggle with high taxes and prices for oil, gas, and electricity.
Even so, good news now comes from the US that leaves economic experts surprised. Yahoo Finance reveals that the country’s economy defied expectations in May 2023, as the latest jobs report revealed a robust addition of more than 300,000 new jobs created. However, the unemployment rate saw a small increase to 3.7%.
339,000 nonfarm payroll jobs
The Bureau of Labor Statistics reported a surge of 339,000 nonfarm payroll jobs, and that surpasses Wall Street economists’ projections and marked the largest monthly increase since January. With the Federal Reserve’s upcoming policy meeting, investors anticipate that a pause will occur when it comes to the rate-hiking campaign despite the labor market’s resilience.
It also needs to be said that the report raised the possibility of a rate hike happening in July. While the payroll numbers were undeniably strong, the focus remains on the unemployment rate for the Federal Open Market Committee (FOMC). The report also highlighted revisions to employment gains in previous months, as April saw an additional 41,000 jobs and March revised higher by 52,000 jobs. Key industry sectors contributing to the job growth included healthcare, business and services, government, and leisure and hospitality.
Here’s a recent statement coming from US President Joe Biden, as American Independent quotes:
Today is a good day for the American economy and American workers. We learned this morning that the economy created 339,000 jobs last month,
We have now created over 13 million jobs since I took office. That is more jobs in 28 months than any President has created in an entire 4-year term.
Usually, the US work culture often prioritizes meritocracy, allowing individuals to progress based on their skills, abilities, and hard work.