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U.S. Jobless Rate Ticks Up to 7.6% Despite Robust Hiring
Employers added 175,000 jobs in the U.S. in May, including gains in the retail and construction sectors.
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Employers added 175,000 jobs in the U.S. May, including gains in the retail and construction sectors.
But the unemployment rate, which is based on a separate survey, rose to 7.6% from 7.5% in April because 420,000 people began looking for work in May, the Labor Dept. says.
Economists consider the jobs report encouraging. They note a decline the proportion of Americans working part time who would rather work full time. Separately, companies hired about 26,000 temporary workers last month, which is often the precursor to adding permanent jobs.
Economists add that the report isn't likely to be enough to cause the Federal Reserve to immediately rein in its bond-buying program to stimulate the economy. But many expect Fed policymakers to signal after their June 18-19 meeting that the central bank will begin winding down the purchases later this year.
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