China News Agency, Washington, June 3. The U.S. Department of Labor released data on the 3rd that the U.S. non-agricultural sector added 390,000 jobs in May, and the unemployment rate remained unchanged at 3.6% month-on-month for the third consecutive month.

　　Under high inflationary pressures, the U.S. labor market basically continued its relatively stable trend in May.

The Associated Press believes that although the market is worried that the pace of Fed rate hikes will weaken the U.S. economy, the May employment data reflects that the U.S. job market is still healthy.

　　U.S. employment gains in May came primarily from leisure and hospitality, professional and business services, transportation, and warehousing.

Among them, 84,000 jobs were added in leisure and hospitality, and 75,000 in professional and business services.

Retail jobs, meanwhile, saw negative growth, losing 61,000 jobs in May.

　　The data also showed that the U.S. labor force participation rate rose 0.1 percentage points from the previous month to 62.3% in May.

Average hourly earnings continued to climb, rising 0.3% sequentially to $31.95.

　　The Federal Reserve's National Economic Situation Survey released on June 1 shows that the U.S. economy continues to grow moderately, and the labor market remains in short supply as the "biggest challenge" facing companies.

　　"There are signs that the U.S. labor market is moving toward a new balance." The Wall Street Journal analysis believes that the dual pressures of recruitment shortages and rising wages have forced companies to scale back expansion plans.

In the next 12 to 18 months, the U.S. labor market is expected to end its strong growth momentum and enter a moderate growth range.

　　The U.S. dollar and U.S. Treasury yields rose sharply after the aforementioned jobs data.

Market consensus is that the Fed will maintain a 50 basis point rate hike in June and July.

　　Bloomberg News pointed out that the May employment data provided mixed decision-making sentiment for the Fed: High inflationary pressures require more aggressive monetary policy, but at the same time, this may also eventually lead to weaker labor demand.

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