economy
US added 172,000 jobs in May as labor market shows signs of resilience
Government figures show unemployment rate at 4.3% amid rising inflation and economic uncertainty from Middle East conflict
TL;DR
- US employers added 172,000 jobs in May.
- The unemployment rate remained steady at 4.3%.
- US stocks fell sharply, with the Nasdaq down 4% in its largest single-day drop in over a year.
- Job figures for March and April were revised upwards.
- Job growth was strongest in leisure and hospitality.
- The number of job openings in April increased to 7.6 million.
- Private employers added 122,000 jobs in May.
- Economists predict the Fed will hold rates steady at its June meeting.