The U.S. economy added jobs at a stronger-than-expected pace in May despite uncertainty surrounding the impact of ongoing conflict in the Middle East on the labor market.
The Bureau of Labor Statistics reported Friday that employers added 172,000 jobs in May, significantly above economist expectations. Analysts polled by LSEG had projected payroll growth of just 85,000 jobs.
The unemployment rate held steady at 4.3%, matching forecasts and signaling continued resilience in the labor market even as geopolitical tensions weigh on global economic sentiment.
The report also included sizable upward revisions for the prior two months.
March payroll gains were revised higher by 29,000 jobs, moving from 185,000 to 214,000. April’s total was revised up by 64,000 jobs, climbing from 115,000 to 179,000.
Combined, the revisions mean the labor market produced 93,000 more jobs in March and April than previously reported.
The stronger hiring numbers are likely to ease concerns about a rapid economic slowdown after weeks of market anxiety tied to instability in the Middle East and questions about whether businesses would pull back on hiring.
BREAKING: The U.S. labor market just shattered expectations as employers added a surprising 172,000 jobs in May. pic.twitter.com/ZsCFFG7CJ8
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