Job numbers top estimates but inflation concerns remain (includes video story)

According to The Labor Department, the U.S. economy created 390,000 jobs in May, exceeding the average forecast of 325,000.

“Working-age people have come back into the workforce at a faster rate in this recovery than at any point in the last 40 years,” said President Biden.

Even while the U.S. labor market continues to grow, inflation remains a top concern for U.S. households.

According to the AAA, the national average for a gallon of gasoline was $4.86 as of Monday. This represents an increase of 60% compared to a year ago. Prices for other essential goods and services have also gone up. 

“We are living in a once-in-a-lifetime kind of situation here with the pandemic and the war in Ukraine and other challenges,” says Labor Secretary Marty Walsh.

The Biden administration could be impacted, as 80% of Americans say inflation and rising gas prices are crucial factors in determining how they will vote in the midterm elections.

Ivette is currently pursuing a masters in Spanish Journalism and Communications at Florida International University, and is also culminating her micro-masters in Supply Chain Management at Massachusetts Institute of Technology. While she has over ten years of experience in business, she recently decided to pursue her passion of journalism. Ivette enjoys writing about economy, social issues, and entrepreneurship among other topics.