economy
U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3%
Nonfarm payrolls were expected to increase by 80,000 in May while the unemployment rate held at 4.3%.
TL;DR
- U.S. job growth unexpectedly surged in May, with 172,000 nonfarm payrolls added, far exceeding the 80,000 estimate.
- The unemployment rate held steady at 4.3%.
- Revisions for prior months showed stronger job gains than initially reported.
- Leisure and hospitality led job growth, adding 70,000 positions.
- Average hourly earnings rose 0.3% for the month and 3.4% over the year.
- The strong jobs report is likely to prevent the Federal Reserve from lowering interest rates in the near future.