The U.S. labor market strengthened in May as employers added 172,000 jobs, the Bureau of Labor Statistics reported Friday.



The monthly increase in total nonfarm payrolls far outpaced the 85,000 mark economists had penciled in, and came in only slightly below April’s upwardly revised 179,000.



The unemployment rate held steady at 4.3%, matching both the expected and previous 4.3%.



Average hourly earnings 0.3% on the month, matching expectations, and were up 3.4% from a year earlier.



The hotter-than-expected jobs data arrives after a series of hot inflation readings and less than two weeks before the Federal Reserve’s June 16-17 meeting, the first chaired by Kevin Warsh since he succeeded Jerome Powell in May.



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US nonfarm payrolls surged 172,000 in May, significantly exceeding the 85,000 forecast and nearly matching April's revised figure. The unemployment rate remained steady at 4.3%, while average hourly earnings rose 0.3% month-over-month. This strong labor market data, arriving ahead of the Federal Reserve's upcoming meeting under new chair Kevin Warsh, suggests continued resilience in the economy.

- The U.S. labor market strengthened in May, adding 172,000 jobs according to the Labor Department.  
- This monthly increase surpassed economists' expectations of 85,000 and was slightly below the revised 179,000 from April.  
- The unemployment rate remained steady at 4.3%, with average hourly wages rising by 0.3% month-over-month and 3.4% year-over-year, amid high inflation data before the upcoming Federal Reserve meeting.

May Jobs Report: Nonfarm Payrolls Surge 172,000, Smashing Estimates