U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%
Leisure and hospitality, local government and health care led the gains, while wage growth slowed to 3.4% and revisions added 93,000 jobs.
- 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.
222 Articles
222 Articles
Leisure & Hospitality Boom Leads 172K Job Surge – May Jobs Breakdown
The U.S. labor market posted stronger-than-expected gains in May, with employers adding 172,000 jobs and the unemployment rate holding at 4.3%, according to figures from the U.S. Department of Labor. The total job gains were nearly double what forecasters had projected. Revisions to prior months also showed a stronger hiring picture than initially reported. March payrolls were revised upward by 29,000 to 214,000, and April was revised up by 64,0…
Most new jobs are going to women — and 1 in 3 men have given up
President Donald Trump celebrated the jobs report published on Friday by the U.S. Bureau of Labor Statistics, which shows that American employers added jobs for the third consecutive month.The report, which Trump called "great," says the U.S. economy added 172,000 jobs last month; the unemployment rate remained unchanged at 4.3%; the number of unemployed people, 7.3 million, "changed little over the month"; and the labor force participation rate…
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Gulf NewsStrong US job growth beats expectations in May, firming recent gains
WASHINGTON: US job growth surged past expectations in May with the unemployment rate remaining steady, as the labour market in the world's largest economy showed signs of firming after months of turbulence.Wall Street stocks traded lower on the news, with investors expecting a strong labou
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