US Adds 172K Jobs in May, Far Above 85K Forecast
The US economy added 172,000 jobs in May, crushing the consensus estimate of 85,000. The unemployment rate held steady at 4.3%, with April's payrolls revised up by 64,000.
The US Bureau of Labor Statistics reported a blockbuster May jobs report, with nonfarm payrolls surging by 172,000—more than double the 85,000 expected by economists. The unemployment rate came in at 4.3%, matching forecasts.
Adding to the positive picture, April's job gains were revised upward by 64,000. This marks the second strongest monthly jobs report in 13 months, reinforcing the resilience of the US labor market.
Source: The Kobeissi Letter