US Adds 172,000 Jobs in May Beating Forecasts
The US added 172,000 jobs in May. This beat forecasts of around 80,000 to 88,000 jobs.
It is the third month in a row of job growth. The unemployment rate stayed at 4.3%.
Many of the new jobs were in restaurants, bars and hotels. But wage gains slowed in May. Workers' pay likely did not keep up with rising prices.
Klear Note — Job reports come out monthly and affect stock markets and interest rates. Strong job growth can push the Federal Reserve to raise rates, making borrowing more expensive.
Key Terms 3
- forecasts Predictions made by experts before the data came out
- unemployment rate The share of people who want work but have none
- wage gains How much more workers are being paid over time