US added 172,000 jobs in May as unemployment held at 4.3%
Why it matters: stronger hiring and upward revisions for March and April reduce pressure on the Fed to cut rates soon.
US employers added 172,000 jobs in May, beating expectations and extending a stronger-than-expected spring for the labor market. The unemployment rate held at 4.3%, while average hourly earnings rose 0.3% from April and 3.4% from a year earlier. April payroll growth was revised up to 179,000 and March to 214,000, adding a combined 93,000 jobs. Leisure and hospitality led May gains with 70,000 jobs, followed by local government with 55,000 and health care with 35,000. The report pointed to continued resilience despite higher energy costs, and markets moved to price in a longer wait for Federal Reserve rate cuts as Treasury yields rose after the data.
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Earlier in this story
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- 37 hours agoUS added 172,000 jobs in May as unemployment held at 4.3%