Employers added 390,000 jobs in May; unemployment rate remains unchanged

The May jobs report comes as the Federal Reserve and Biden administration take steps to fight inflation, even if it means slowing the overall economy.

Employers added 390,000 jobs in May, which was ahead of the expected figure of 325,000 to 328,000 new payrolls, according to forecasts.

The unemployment rate remained unchanged at 3.6 percent.

The data comes as pressure has grown on the Federal Reserve and the Biden administration to fight inflation, even if that means slowing down the broader economy. The central bank has already taken steps to tighten the purse strings, in part by raising interest rates in March and in May.

Earlier this week, President Joe Biden signaled support for the Fed's current policy stance, saying he would respect its independence. Biden also published an op-ed in The Wall Street Journal laying out additional steps for curbing price growth, including urging Congress to enact legislation that would lower Americans' home energy bills and alleviate disrupted supply chains.

While the price of food and gas remain closely tied to global markets, the Fed has looked to cool off a red-hot labor market that has caused wages to surge — and thus sending overall prices higher — while creating worker shortages.

https://www.nbcnews.com/business/economy/jobs-report-may-2022-details-rcna31692

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