Solid U.S. job growth anticipated in May; unemployment rate seen at 3.5%

Published by
Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. employment likely increased at a brisk clip in May, with the jobless rate expected to have dropped to its pre-pandemic low of 3.5%, signs of a tight labor market that could keep the Federal Reserve’s foot on the pedal to cool demand. The Labor Department’s closely watched employment report on Friday, also expected to show strong wage gains last month, would paint a picture of an economy that continues to expand, although at a moderate pace. The Fed is trying to dampen labor demand to tame inflation, without driving the unemployment rate too high. T…

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