172,000 Jobs Added in U.S. in May...Employment Slowdown Predictions Missed

Unemployment Rate Holds at 4.3%,

March and April Job Gains Significantly Revised Upward

May Nonfarm Payrolls Exceed Expectations;

Previous Two Months' Figures Also Rise

The increase in U.S. employment in May exceeded market expectations.

A job posting board in a building in Deerfield, Illinois, USA. Photo by AP/ Yonhap News

On June 5, the U.S. Department of Labor announced that nonfarm payrolls increased by 172,000 in May compared to the previous month. This figure is significantly higher than the market expectation of 85,000, according to Reuters.

The unemployment rate remained unchanged from the previous month at 4.3%. The unemployment rate has fluctuated between 4.3% and 4.5% since July of last year.

Employment figures for the previous two months were also revised upward. The increase in nonfarm payrolls for April was revised from 115,000 to 179,000, and for March, from 185,000 to 214,000. Combined, this means 93,000 more jobs than previously reported for the two months.

By industry, jobs increased in leisure and hospitality, local government, and healthcare, while employment in the financial activities sector declined.

With employment data coming in stronger than expected, expectations for a rate cut by the U.S. central bank, the Federal Reserve, may weaken. If the job market remains robust, the Federal Reserve may have more reason to monitor inflationary pressures before making a decision.

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