More job gains point to a solid economy and Fed rate hikes

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises interest rates to fight inflation. The unemployment rate remained a low 3.6% in May, just above a half-century low. The job growth in May was high enough to keep the Fed on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.