The U.S. economy added 390,000 jobs in May, the Labor Department said Friday.
The number was slightly above Wall Street expectations and extends a hiring streak since unemployment surged since April 2020, at the height of the pandemic, when the U.S. unemployment rate was 14.7%. Last month’s jobless number was 3.6%, unchanged from April, the department also reported.
The report comes amid concerns about high inflation and interest rates.
And the strength of the job market is contributing to inflationary pressures. Competition for worker has resulted in higher wages, which has resulted in companies passing along at least some of their increased labor costs to their customers through higher prices, according to the Associated Press.