Robust Monthly Jobs Report “Smashes Expectations”

Yahoo Finance reports:

The May jobs report released Friday showed the US economy remains strong with more than 300,000 jobs created last month, while the unemployment rate rose to 3.7%.

The US economy added 339,000 nonfarm payroll jobs last month, data from the Bureau of Labor Statistics showed Friday. This marks the 14th-straight month that job creation came in above what Wall Street economists had expected.

Employment gains for the last two months were revised higher to show 294,000 jobs were created during the month, 41,000 more than previously reported. March’s job gains were also revised higher — to 217,000 from 165,000 — making job growth over that two month stretch higher than previously reported by 93,000.

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BLS Nonfarm payrolls/Unemployment report for May:
• 339K net new jobs, smashing estimates
• Revisions: +52k for March, +41k for April
• Unemployment rate rose 0.3% to 3.7% https://t.co/7RveVt3n6c

— The Recount (@therecount) June 2, 2023

Breaking: The labor market has defied expectations of a slowdown this year with 339,000 jobs added in May. The unemployment rate rose to 3.7%. https://t.co/Rz001Samsz

— The Wall Street Journal (@WSJ) June 2, 2023

May jobs report is “much larger than expected”: Economist

EY Chief Economist @GregDaco joins Yahoo Finance Live to discuss the performance of May’s payroll and the unemployment rate. pic.twitter.com/cAMJSO4sq4

— Yahoo Finance (@YahooFinance) June 2, 2023

Hiring surged in May as employers added 339,000 jobs and the labor market continued to shrug off high interest rates and inflation. https://t.co/4WdM4FHyZU

— USA TODAY (@USATODAY) June 2, 2023