Transcript for All eyes on May jobs report
- Now, to the new jobs report just out, showing a high number of jobs added. It could also have a big impact on interest rates and your money. And Elizabeth Schulze has the latest for our viewers in the West. Good morning, Elizabeth.
- Good morning, Rebecca. This is a blockbuster number of job gains, as the jobs market continues to defy expectations. The government's new report shows that 339,000 jobs were added to the workforce in May. That is way above economists' forecasts.
The unemployment rate did tick up to 3.7%. But overall, there are still more available jobs than there are workers to fill them right now. Industries with strong hiring, especially in May were in healthcare, hospitality, and professional services, offsetting some of the job cuts that we've seen in other industries like tech.
Now, this is a critical report for the Federal Reserve. The Fed has actually been trying to slow down job growth as it tries to cool off inflation. So this could put more pressure on the Federal Reserve to keep raising interest rates, making it more expensive to borrow money for your mortgage or for your credit card. George.
- OK, Elizabeth, thanks very much.
This transcript has been automatically generated and may not be 100% accurate.