US jobs market remains strong despite high interest rates and debt ceiling fight

US adds 339,000 jobs in May, surpassing forecasts, as unemployment rate increases slightly to 3.7%

High interest rates, a recent banking crisis and Washington's fight over the debt ceiling may have shaken the US economy recently, but the US jobs market continues to show signs of strength.

The US Bureau of Labor Statistics (BLS) reported 339,000 jobs were added in May, surpassing forecasts that predicted the increase would be approximately 190,000 jobs and a sign of continued growth from the jobs market despite the Federal Reserve's continuing efforts to cool the economy. Growth in the labor market has fluctuated over the last few months, dipping down to 165,000 jobs in March and coming back up to 253,000 jobs in April. The number of jobs added is still down compared with this time last year, when 390,000 jobs were added to the economy.