U.S. employers added 172,000 jobs in May, topping economist forecasts, while the unemployment rate held steady at 4.3%, according to Bureau of Labor Statistics data released Friday. Average hourly earnings increased 0.3% during the month, and prior months' payroll figures were revised higher, producing the strongest three-month stretch of job growth in more than two years.
- Nonfarm payrolls increased by 172,000 in May, above consensus expectations.
- The unemployment rate remained unchanged at 4.3%.
- Average hourly earnings rose 0.3% month-over-month.
- Leisure and hospitality added 70,000 jobs, leading all sectors.
- Healthcare, social assistance, construction, and manufacturing also posted gains.
- Markets increased expectations for tighter Federal Reserve policy following the report.
- Separately, first-quarter unit labor costs rose 1.8%, below the 2.5% estimate, while nonfarm business productivity increased 0.3%.
Relevant Companies
- JPMorgan Chase ($JPM) - Interest-rate expectations can affect lending margins and banking profitability.
- BlackRock ($BLK) - Asset managers are sensitive to shifts in market expectations for economic growth and monetary policy.
- SPDR S&P 500 ETF Trust ($SPY) - Broad U.S. equity markets reacted to the stronger-than-expected labor market data.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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