WASHINGTON (AP) — America’s employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates.
Last month’s sizable job gain suggests that the economy is still growing steadily, propelled by consumer spending on travel, entertainment and other services. U.S. airports, for example, reported near-record traffic over the Memorial Day weekend. A healthy job market typically drives consumer spending, the economy’s principal fuel. Though some recent signs had raised concerns about economic weakness, the May jobs report should help assuage those fears.
Friday’s report from the government did include some signs of a potential slowdown. The unemployment rate, for instance, edged up for a second straight month, to a still-low 4%, from 3.9%, ending a 27-month streak of unemployment below 4%. That streak had matched the longest such run since the late 1960s.
President Joe Biden pointed to Friday’s jobs report as a sign of the economy’s robust health under his administration. He also charged that congressional Republicans would worsen inflation by cutting health care subsidies and widening the deficit through tax cuts.
The presumptive Republican nominee, Donald Trump, has focused his criticism of Biden’s economic policies on the inflation surge, which polls show still weighs heavily in voters’…
