U.S. hiring accelerated in May as employers added a booming 339,000 jobs and the labor market continued to shrug off high interest rates and persistent inflation.

In March, investment bank Goldman Sachs predicted in a report that AI could eventually replace 300 million full-time jobs globally and affect nearly one-fifth of employment — with a particular hit to white-collar jobs often considered automation-proof, such as administrative and legal professions.

The US labor market picked up momentum in May, once again defying expectations of a slowdown. But Federal Reserve officials are still likely to suspend rate hikes in their upcoming policy meeting because of broader trends pointing to a weakened economy later in the year.

The May jobs report released Friday provided a key look at the labor market's health amid the Federal Reserve's aggressive interest rate-hike campaign.

For months, employers have churned out jobs at a rate that has baffled economists. And the labor market has propelled the economy through a barrage of forces that would normally weigh on jobs creation.