Job Report Remains Positive in May

​Nearly 400,000 jobs were added during the month of May, continuing to show a healthy job market and strong economy. The unemployment remains at 3.6 percent according to the U.S. Labor Department, this despite concerns that the economy will weaken as the Federal Reserve is raising rates to fight inflation. Senior Economist Mark Vitner had this to say on Friday’s report:
“Given all the talk we have heard about recession and economic headwinds, it was very reassuring to see a solid jobs number. When the economy loses momentum, hiring tends to occur in just a few sectors and that’s not what we are seeing today.”
The largest increase in job gains came in the leisure and hospitality sector, as they added 84,000 jobs for the month of May.