The U.S. Economy Added 339,000 Jobs In May

 The United States economy added 339,000 jobs in May, according to a report released by the Bureau of Labor Statistics. The unemployment rate rose to 3.7% from 3.4% in April, but economists had expected it to rise to 3.5%.

The employment gains were broad-based, with an increase in jobs in professional and business services, government, health care, construction, transportation, and warehousing.

Even with the strong job growth, The Federal Reserve is still expected to raise interest rates several more times this year in an effort to combat inflation. It remains to be seen how these rate hikes will affect the economy, but it is possible that they could lead to slower job growth in the coming months.