Businesses in many industries remain desperate to hire workers.
WASHINGTON — U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.
Workers, in general, are enjoying nearly unprecedented bargaining power. The number of people who are quitting jobs, typically for better positions at higher pay, has been at or near a record high for six months. Inflation had begun surging last year as spiking demand for cars, furniture, electronic equipment and other physical goods collided with overwhelmed supply chains and parts shortages. More recently, prices for such services as airline tickets, hotel rooms and restaurant meals have jumped as Americans have shifted more of their spending to those areas.The Fed’s rapid rate hikes, which are on track to be the fastest in more than 30 years, could eventually weaken the economy.
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