Jun. 5 at 12:49 PM
$UBER $LYFT According to the Bureau of Labor Statistics, the unemployment rate remained steady at 4.3%. Average hourly earnings rose 3.4% from a year ago, which puts wage growth below inflation. In April, inflation sharply jumped to a 3.8%, its highest level in three years, due to the surging price of gasoline and the resulting economic ripple effect.
Since the war with Iran started on Feb. 28, the average price of retail gasoline has soared more than 40% as the price of U.S. crude oil increased more than 35%.
Once again, some of the largest contributors to job growth in May were the education and health care sectors. They have largely driven labor market gains over the last year.
There was also a gain of jobs in the leisure and hospitality industry, as well as in the local government sector..
