U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%
Job gains were led by leisure and hospitality, local government and health care, while average hourly earnings rose 0.3%, the Labor Department said.
- On Friday, the Labor Department reported U.S. employers added 172,000 jobs in May, with unemployment steady at 4.3%, far exceeding analyst expectations of an 85,000 gain.
- Data released before Friday suggested the job market was finding its footing, with the Labor Department's Job Openings and Labor Turnover Survey showing openings at the highest level in nearly two years.
- Payroll processors corroborated the gains: ADP reported 122,000 new private-sector jobs in May, while Gusto added 83,900 net new jobs for small businesses, marking the fourth consecutive month of growth.
- ConnectOne Bank Founder and CEO Frank Sorrentino noted the report shapes Federal Reserve outlook, while KPMG senior economist Ken Kim wrote the central bank will need to raise rates in the autumn.
- Despite stable employment, inflation has worsened this year amid the Iran War, while consumer sentiment measures remain at all-time lows as policymakers weigh "readings on labor market conditions, inflation pressures and inflation expectations.
151 Articles
151 Articles
The Latest: US job market shows resilience with 172,000 jobs added last month
The American job market continues to show surprising strength, shrugging off the high costs of the Iran war. Employers added 172,000 jobs in May and the unemployment rate remained at a low 4.3%. The Labor Department reported Friday that job…
172,000 Jobs Added in May as Unemployment Holds Steady
The U.S. added 172,000 non-farm jobs in the month of May according to a Friday report from the Bureau of Labor Statistics, with an additional cumulative upward revision of March and April’s job numbers by 93,000. Unemployment did not move from April’s 4.3 percent, prompting markets to solidify their belief that the Federal Reserve will...
Strong jobs data complicates Warsh’s path to lower rates
The US labor market is on a hot streak.A strong May jobs report boosted market expectations that the Federal Reserve will have to raise interest rates this fall — putting President Donald Trump in a tough spot heading into the midterm elections.US employers added 172,000 jobs last month and the unemployment rate held steady, raising concerns that the economy risks a new inflation surge. The report marks the third-consecutive month of six-figure …
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