U.S. adds 172,000 jobs in May, hospitality leads gains
11 reported
According to a Labor Department report released Friday, U.S. employers added 172,000 jobs in May, marking the third consecutive month of job growth. The hospitality industry led gains with 70,000 new positions, including 48,000 in restaurants and bars, as businesses anticipated strong summer demand. Construction companies and local governments also hired, while healthcare added 35,000 jobs. The financial sector cut 22,000 jobs, with banks and insurance companies reducing payrolls. The unemployment rate held steady at 4.3%, and the workforce grew by 83,000 people. Average wages rose 3.4% from a year ago, which the article notes is likely not enough to keep pace with inflation, as prices for the 12 months ending in April were up 3.8%. The article states that prices have been rising rapidly since the U.S. launched its war with Iran just over three months ago, and that the Federal Reserve, under new chair Kevin Warsh, is likely to focus on controlling inflation, making an interest rate cut unlikely despite pressure from President Trump.
What’s reported
U.S. employers added 172,000 jobs in May, the third consecutive month of job growth.
Job gains for March and April were revised significantly higher.
Restaurants and bars added 48,000 jobs; the overall hospitality industry added 70,000 jobs.
Healthcare added 35,000 jobs; construction and local governments also hired.
The financial sector cut 22,000 jobs in May.
Over the last three months, employers added an average of 188,000 jobs each month.
The workforce grew by 83,000 people in May; the unemployment rate held steady at 4.3%.
Average wages in May were up 3.4% from a year ago; prices for the 12 months ending in April were up 3.8%.
Prices have been rising rapidly since the U.S. launched its war with Iran just over three months ago.
The Federal Reserve, under new chair Kevin Warsh, is likely to focus on controlling inflation, making an interest rate cut unlikely despite pressure from President Trump.
The Labor Department is set to report on May inflation next week.
Key figures
Kevin Warsh, new chair of the Federal Reserve
President Trump
Sources: NPR
