The US unemployment rate rose to 3.7 percent in May of 2023 from 3.4 percent in the previous month.
U.S. stocks opened higher Friday after the Senate passed a bill to raise the federal debt ceiling and as investors digested an employment report showing stronger-than-expected job gains. The Dow Jones Industrial Average rose 0.7% soon after the opening bell, while the S&P 500 gained 0.6% and the technology-heavy Nasdaq Composite climbed 0.7%, according to FactSet data, at last check. On Thursday night, the U.S. Senate voted in favor of the debt-ceiling bill, sending the measure to President Joe Biden to sign into law so the Treasury can avoid running out of cash to meet its obligations. Meanwhile, the Bureau of Labor Statistics said Friday the U.S. added 339,000 jobs in May while the unemployment rate rose to 3.7%. Last month's job gains far exceeded forecasts for 190,000 new jobs.