Labor market adds 172,000 jobs as unemployment holds steady and wage growth slows.
The Bureau of Labor Statistics released data showing that the U.S. economy added 172,000 nonfarm payroll jobs in May, exceeding forecasts and marking a third consecutive month of employment gains above 100,000. The unemployment rate remained unchanged at 4.3 percent, while labor force participation held steady at 61.8 percent.
Employment increased in leisure and hospitality, health care, social assistance, and local government, while financial activities recorded job losses. Several other major sectors, including construction, manufacturing, retail trade, and professional services, experienced little change during the month.
Updated federal data also revised employment gains higher for March and April, indicating stronger job growth than previously reported. Average hourly earnings rose by 12 cents to $37.53 per hour, though annual wage growth of 3.4 percent remained below the latest inflation rate.
Approximately 7.3 million Americans were unemployed in May, including nearly 2 million individuals who had been seeking work for six months or longer. Economists and policymakers continue to monitor employment, wage trends, and inflation data as they assess broader economic conditions.
As the Lord Leads, Pray with Us…
- For Acting Commissioner William Wiatrowski as he heads the Bureau of Labor Statistics.
- For Labor Department and BLS officials as they collect and analyze economic data.
- For members of Congress and the Federal Reserve as they address employment, inflation, and economic stability.
Sources: MSN, CNN, UPI News
