U.S. employers reported adding 172,000 jobs in May, much more than expected, and the unemployment rate held at 4.3%, according to the latest employment report from the U.S. Bureau of Labor Statistics (BLS).
May’s total marks three consecutive months of well over 100,000 jobs added, a surprising development based on what was forecast for this year. The leisure and hospitality sector led job creation in May, adding 70,000 jobs, followed by local government and health care.
The labor market is characterized overall by a job-hugging trend where fewer people are quitting, making it difficult for new job seekers to land a role. BLS data from earlier this week showed a surprise jump in job openings for April, but the level of those quitting their jobs is at its lowest since August 2020, during the pandemic era. In addition, immigration restrictions, high energy prices, and economic and geopolitical uncertainty have impacted business confidence and hiring plans.
Check back here later today for more analysis from labor market experts.
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