Jobs report shows added jobs, higher wages in May; Unemployment edges up to 4%

The video discusses the unexpected strength of the job market despite forecasts of a slowdown due to high interest rates. The latest jobs report shows significant job growth, especially in the service sector, and a rise in wages. However, the unemployment rate has increased slightly. The Federal Reserve's plans to lower interest rates are uncertain, as some economists believe maintaining current rates may benefit the economy. Various sectors face challenges due to rate hikes, with technology and housing being particularly affected.

What was the unexpected trend in the labor market despite higher interest rates?

• A stable unemployment rate

• A decrease in job opportunities

• A thriving labor market

• A significant drop in wages

Which sector was NOT mentioned as contributing to job growth?

• Technology

• Transportation

• Health services

• Hospitality

What was the unemployment rate in May for the first time since January 2022?

• 4.5%

• 4%

• 5%

• 3.5%

What was the Federal Reserve's initial plan for interest rates at the beginning of the year?

• To increase rates three times

• To eliminate rates entirely

• To maintain current rates

• To decrease rates three times

Which sector is more challenged by recent rate hikes according to Mark Hamrick?

• Health services

• Technology

• Transportation

• Hospitality