The United States added more than half a million jobs last month, indicating that the labor market has regained some momentum, but fears persist that labor shortages are holding back the U.S. recovery.
The main unemployment rate fell to its lowest level since the start of the pandemic, from 6.1% in April to 5.8% in May. Non-farm payrolls rose 559,000 in May, below Wall Street forecasts of 670,000. However, although total employment has dropped 7.6 million since last spring, many employers have reported that they have struggled to fill vacancies.
Paul Ashworth, of Capital Economics Consulting, said: “Just a few months ago we had expected to see multi-month gains north of one million as the economy reopened,