U.S. employers boosted hiring in May and raised wages as they competed for workers, with millions of unemployed Americans at home likely because of childcare issues and generous unemployment checks.
The Labor Department’s closely watched employment report on Friday offered some assurance that the economic recovery from the pandemic recession was on track after worker shortages also blamed on lingering fears over COVID-19 sharply restrained employment growth in April.
Nonfarm payrolls increased by 559,000 jobs last month. Data for April was revised slightly up to show payrolls rising by 278,000 jobs instead of 266,000 as previously reported.
That left employment about 7.6 million jobs below its peak in February 2020.
Fox Business Contributor Scott Shellady joined Dan and Amy with reaction to the May unemployment numbers: