Payrolls rose 390,000 in May, better than expected as companies keep hiring

The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and a roaring pace of inflation, the Bureau of Labor Statistics reported Friday.

At the same time, the unemployment rate held at 3.6%, just above the lowest level since December 1969.

Economists surveyed by Dow Jones had been looking for nonfarm payrolls to expand by 328,000 and the unemployment rate to edge lower to 3.5%.

Average hourly earnings increased 0.3% from April, slightly lower than the 0.4% estimate. The year-over-year increase for wages of 5.2% was about in line with expectations.

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