US hiring jumped last month. So did unemployment. Here’s what that says about the economy.

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool. Friday’s report from the government reflected the job market’s resilience after more than a year of rapid interest rate increases by the Fed. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels. Yet there were some mixed messages in the jobs figures, which also showed that the unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April.