Employers add 339K jobs in May

ABC News business reporter Alexis Christoforous has more on the unemployment rate and jobs report.
2:38 | 06/02/23

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Transcript for Employers add 339K jobs in May
EXTREME POSITIVE EMOTIONS CAN LEAVE YOU WITH A BLANK SPACE , LEAVE YOU WITH A BLANK SPACE , BUT WE BEGIN WITH THAT BETTER BUT WE BEGIN WITH THAT BETTER THAN EXPECTED JOBS REPORT. THAN EXPECTED JOBS REPORT. THE LABOR DEPARTMENT SAYS THE LABOR DEPARTMENT SAYS THE U.S. ECONOMY ADDED THE U.S. ECONOMY ADDED THREE HUNDRED THREE HUNDRED THIRTY NINE THOUSAND JOBS LAST THIRTY NINE THOUSAND JOBS LAST MONTH WHILE THE UNEMPLOYMENT MONTH WHILE THE UNEMPLOYMENT RATE ROSE TO THREE POINT RATE ROSE TO THREE POINT SEVEN PERCENT. SEVEN PERCENT. ABC NEWS BUSINESS REPORT ABC NEWS BUSINESS REPORT ALEXIS CHRISTOFOROUS HAS MORE . ALEXIS CHRISTOFOROUS HAS MORE . ALEXIS , WHAT DOES THIS REPORT ALEXIS , WHAT DOES THIS REPORT TELL YOU ABOUT THE JOB MARKET TELL YOU ABOUT THE JOB MARKET IN THE ECONOMY IN GENERAL? IN THE ECONOMY IN GENERAL? IT TELLS US THAT WE HAVE AN IT TELLS US THAT WE HAVE AN INCREDIBLY RESILIENT JOB MARKET INCREDIBLY RESILIENT JOB MARKET AND ECONOMY. AND ECONOMY. THIS REPORT DEFIES THIS REPORT DEFIES EXPECTATIONS. EXPECTATIONS. THERE WERE A LOT OF HEADWINDS THERE WERE A LOT OF HEADWINDS THAT THE JOB MARKET HAD TO JUMP THAT THE JOB MARKET HAD TO JUMP OVER LAST MONTH TO PULL OFF OVER LAST MONTH TO PULL OFF NUMBERS LIKE THESE HIGHER NUMBERS LIKE THESE HIGHER INTEREST RATES AND STUBBORNLY INTEREST RATES AND STUBBORNLY HIGH INFLATION. HIGH INFLATION. YET THE ECONOMY ADDING YET THE ECONOMY ADDING THREE HUNDRED THREE HUNDRED THIRTY NINE THOUSAND JOBS. THIRTY NINE THOUSAND JOBS. WE WERE EXPECTING WE WERE EXPECTING ONE HUNDRED AND NINETY THOUSAND ONE HUNDRED AND NINETY THOUSAND JOBS, BY THE WAY, JOBS, BY THE WAY, THE UNEMPLOYMENT RATE STILL THE UNEMPLOYMENT RATE STILL NEAR A 50 YEAR LOW OF NEAR A 50 YEAR LOW OF THREE POINT SEVEN PERCENT. THREE POINT SEVEN PERCENT. JOBS WERE ADDED IN PROFESSIONAL JOBS WERE ADDED IN PROFESSIONAL AND BUSINESS SERVICES, AND BUSINESS SERVICES, GOVERNMENT HEALTH CARE, GOVERNMENT HEALTH CARE, CONSTRUCTION AND TRANSPORTATION CONSTRUCTION AND TRANSPORTATION WAGES WERE ACTUALLY UP WAGES WERE ACTUALLY UP THREE TENTHS OF A PERCENT. THREE TENTHS OF A PERCENT. THAT WAS IN LINE THAT WAS IN LINE WITH ESTIMATES. WITH ESTIMATES. SO NOT REALLY INFLATIONARY. SO NOT REALLY INFLATIONARY. THERE. THERE. BUT, YOU KNOW, EVEN THOUGH THIS BUT, YOU KNOW, EVEN THOUGH THIS IS A ROBUST JOB MARKET, PEOPLE IS A ROBUST JOB MARKET, PEOPLE ARE STILL HAVING A HARD TIME ARE STILL HAVING A HARD TIME FINDING THE RIGHT JOB. FINDING THE RIGHT JOB. AND I HAD A CHANCE TO SPEAK AND I HAD A CHANCE TO SPEAK WITH LINCOLN'S CAREER EXPERT, WITH LINCOLN'S CAREER EXPERT, KATHERINE FISHER, AND SHE HAD KATHERINE FISHER, AND SHE HAD THIS ADVICE. THIS ADVICE. >> SO WHAT YOU REALLY WANT >> SO WHAT YOU REALLY WANT TO DO IF YOU'RE LOOKING FOR TO DO IF YOU'RE LOOKING FOR A JOB RIGHT NOW, IS BE REALLY A JOB RIGHT NOW, IS BE REALLY CLEAR IN TERMS OF THE SKILLS CLEAR IN TERMS OF THE SKILLS THAT YOU HAVE. THAT YOU HAVE. MARRY THAT WITH THE INDUSTRIES MARRY THAT WITH THE INDUSTRIES THAT ARE HIRING, DON'T THAT ARE HIRING, DON'T BE BEHOLDEN TO THE INDUSTRY BE BEHOLDEN TO THE INDUSTRY THAT YOU MAY BE WORKING IN THAT YOU MAY BE WORKING IN RIGHT NOW OR WANT TO WORK IN. RIGHT NOW OR WANT TO WORK IN. >> YOU WANT TO GO TO WHERE >> YOU WANT TO GO TO WHERE THE JOBS ARE. THE JOBS ARE. AND THAT ALSO MEANS KEEPING AND THAT ALSO MEANS KEEPING YOUR CONTACTS SHARP. YOUR CONTACTS SHARP. SO SHE ALWAYS YOU ALWAYS WANT SO SHE ALWAYS YOU ALWAYS WANT TO BE NETWORKING IS WHAT SHE TO BE NETWORKING IS WHAT SHE ADDED. ADDED. I KNOW, BUT IT'S SO HARD I KNOW, BUT IT'S SO HARD SOMETIMES IT'S A JOB IN AND OF SOMETIMES IT'S A JOB IN AND OF ITSELF TO FEEL THAT WAY ITSELF TO FEEL THAT WAY SOMETIMES. SOMETIMES. ALEXIS , HOW DOES THE BACK ALEXIS , HOW DOES THE BACK AND FORTH OVER THE DEBT CEILING AND FORTH OVER THE DEBT CEILING FACTOR INTO ALL OF THIS? FACTOR INTO ALL OF THIS? >> YOU KNOW, THERE WASN'T >> YOU KNOW, THERE WASN'T A DIRECT CORRELATION, BUT IT A DIRECT CORRELATION, BUT IT WAS JUST ONE MORE HURDLE, WAS JUST ONE MORE HURDLE, ONE MORE CHALLENGE FOR THIS ONE MORE CHALLENGE FOR THIS ECONOMY TO JUMP OVER. ECONOMY TO JUMP OVER. AND IT'S INCREDIBLE BECAUSE AND IT'S INCREDIBLE BECAUSE GIVEN ALL OF THE HEADWINDS, GIVEN ALL OF THE HEADWINDS, THE JOB MARKET STRONGER THAN THE JOB MARKET STRONGER THAN EXPECTED, THE DEBT CEILING EXPECTED, THE DEBT CEILING FINISHED, BY THE WAY, FINISHED, BY THE WAY, THE WRITER'S STRIKE DID NOT THE WRITER'S STRIKE DID NOT PLAY INTO THIS REPORT. PLAY INTO THIS REPORT. SO IT MIGHT IT MIGHT IN SO IT MIGHT IT MIGHT IN THE NEXT REPORT, BUT NOT THIS THE NEXT REPORT, BUT NOT THIS ONE . ONE . ALL RIGHT. ALL RIGHT. AND WE'VE SEEN 10 CONSECUTIVE AND WE'VE SEEN 10 CONSECUTIVE RATE HIKES NOW FROM THE FEDERAL RATE HIKES NOW FROM THE FEDERAL RESERVE. RESERVE. SO DOES THIS OFFER ANY KIND OF SO DOES THIS OFFER ANY KIND OF A LITTLE CRYSTAL BALL OVER WHAT A LITTLE CRYSTAL BALL OVER WHAT COMES DOWN THE PIKE? COMES DOWN THE PIKE? >> YOU KNOW, THIS REPORT, >> YOU KNOW, THIS REPORT, I THINK, MAKES REALLY I THINK, MAKES REALLY CHALLENGING FOR THE FEDERAL CHALLENGING FOR THE FEDERAL RESERVE BECAUSE IN RECENT RESERVE BECAUSE IN RECENT WEEKS, SOME FED OFFICIALS HAVE WEEKS, SOME FED OFFICIALS HAVE COME OUT AND PUBLICLY AND SAID COME OUT AND PUBLICLY AND SAID THAT THEY THINK THEY MIGHT THAT THEY THINK THEY MIGHT PAUSE AN INTEREST RATE HIKE AT PAUSE AN INTEREST RATE HIKE AT THEIR JUNE 14TH MEETING WHILE THEIR JUNE 14TH MEETING WHILE THEY WAIT FOR THOSE 10 RATE THEY WAIT FOR THOSE 10 RATE HIKES TO SORT OF WORK THEIR WAY HIKES TO SORT OF WORK THEIR WAY THROUGH THE ECONOMY. THROUGH THE ECONOMY. THERE'S THAT LAG EFFECT. THERE'S THAT LAG EFFECT. SO THEY HAVEN'T REALLY TAKEN SO THEY HAVEN'T REALLY TAKEN HOLD YET. HOLD YET. AND THEY WANT TO SEE WHAT AND THEY WANT TO SEE WHAT THEY'RE GOING TO DO TO THE THEY'RE GOING TO DO TO THE ECONOMY. ECONOMY. A REPORT AS STRONG AS THIS A REPORT AS STRONG AS THIS MIGHT MAKE THEM THINK TWICE MIGHT MAKE THEM THINK TWICE BEFORE THEY TAKE THAT PAUSE. BEFORE THEY TAKE THAT PAUSE. WE

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