US added 172,000 jobs in May as labor market shows signs of resilience

US employers added 172,000 jobs in May while the country’s unemployment rate held steady at 4.3%, a sign of a resilient labor market despite rising inflation and economic uncertainty brought on by continued conflict in the Middle East. Economists initially predicted there would be about 80,000 new jobs and a steady unemployment rate of 4.3%. Job figures for March and April were also revised up 29,000 and 64,000, respectively, a 93,000 boost compared to initial figures. The new data from the Bureau of Labor Statistics is the latest in a number of reports that have pointed to strong hiring in recent months, despite a strained economy and an increase in inflation. The labor department announced earlier this week that the number of job openings in April increased to 7.6m, while the number of people quitting, laid off and discharged changed little. Private employers added 122,000 jobs in May, according to payroll firm ADP, which found that employers of all sizes and most industries – with the exception of the information and natural resource sectors – were hiring. “Hiring was more broad-based in May than we’ve seen in the last few years,” Dr Nela Richardson, ADP’s chief economist, said in a statement. “The labor market continues to show sustained momentum going into the summer hiring season.” Friday’s report was the first monthly jobs data released under the Federal Reserve’s new chair, Kevin Warsh, who was appointed by Trump in January and sworn in last month. …