US May Nonfarm Payrolls Jump 172,000, Unemployment Holds at 4.3%

In May, U.S. nonfarm payrolls increased by 172,000 jobs, far surpassing the forecast of 88,000. The Labor Department also revised the March and April payroll figures upward, adding 29,000 and 64,000 jobs respectively, for a two‑month revision of 93,000. The unemployment rate remained unchanged at 4.3%, matching expectations, while the labor‑force participation rate held steady at 61.8% and average weekly hours stayed at 34.3.

Average hourly earnings rose 0.3% month‑over‑month and 3.4% year‑over‑year, reaching $37.53. Job gains were strongest in entertainment and hospitality, local government and health services, while employment in financial activities fell. The data influenced global markets, tightening expectations for near‑term interest‑rate moves by the Federal Reserve.