The U.S. adds 172,000 jobs as the labor market picks up steam

Restaurants and bars added 48,000 jobs in May, contributing to a solid month of employment gains. Local government and health care were also hiring last month. Brandon Bell/Getty Images North America hide caption toggle caption Brandon Bell/Getty Images North America The labor market is finding its footing. U.S. employers added jobs for the third month in a row in May, according to a report Friday from the Labor Department . Job gains for March and April were also revised significantly higher. Restaurants and bars added 48,000 jobs last month as summer approached, while construction companies and local governments were also hiring. Health care, which has been a steady source of employment gains, added another 35,000 jobs. Banks and insurance companies, meanwhile, cut jobs. The financial sector overall cut 22,000 jobs in May. Overall, the report shows hiring has picked up steam this spring after anemic job growth last year. Over the last three months, employers have added an average of 188,000 jobs each month. Meanwhile, the workforce grew slightly in May as 83,000 people began working or looking for work, while the unemployment rate held steady at 4.3%. Despite the uptick in hiring, employers are not having to offer big wage increases to attract workers. Average wages in May were up just 3.4% from a year ago. That's likely not enough to keep pace with inflation — with prices for the 12 months ending in April up 3.8%. Prices have been rising rapidly since the U.S. …