The United States added 172,000 jobs in May as the job market shows signs of resilience | American economy

U.S. employers added 172,000 jobs in May while the country’s unemployment rate remained steady at 4.3%, a sign of a resilient labor market despite rising inflation and economic uncertainty caused by continued conflict in the Middle East.

Economists initially forecast the creation of around 80,000 new jobs and a stable unemployment rate of 4.3%. Employment figures for March and April were also revised up by 29,000 and 64,000 respectively, an increase of 93,000 from the initial figures.

Job growth was seen in the leisure and hospitality sector, which was boosted by 70,000 jobs in May, including 48,000 in food services and drinking places. Employment in local government and health care also increased last month.

A strong labor market puts Federal Reserve Chairman Kevin Warsh in a bind as the central bank fights enormous pressure from the White House to lower interest rates at its next meeting in mid-June.

The Fed typically cuts rates in response to weak labor markets, stimulating the economy at the risk of raising prices. With job creation and rising prices, Warsh will have a harder time making the case for lower interest rates.

The new data from the Bureau of Labor Statistics is the latest in a series of reports that have highlighted strong hiring in recent months, despite a strained economy and rising inflation.

The Labor Department announced earlier this week that the number of job openings in April increased to 7.6 million, while the number of people who quit, were laid off or laid off was little changed.

Private employers added 122,000 jobs in May, according to payroll firm ADP, which found that employers of all sizes and in most industries — except the information and natural resources sectors — were hiring.

“Hiring was broader in May than we’ve seen in recent years,” Dr. Nela Richardson, ADP’s chief economist, said in a statement. “The job market continues to show sustained momentum as the summer hiring season approaches. »

Economists expect the Fed to hold rates steady at its June 16-17 meeting, but Trump and his advisers have made clear they expect Warsh to be receptive to their continued calls for rate cuts.

“We now have a War Fed,” U.S. Treasury Secretary Scott Bessent said at a news conference last week. “It’s a new day at the Fed…I had my first breakfast with Chairman Warsh this morning, and I believe he will do what it takes to balance inflation and growth.”

Economists say that even if the president supports a rate cut, it is unlikely that a majority of the Fed’s 12 voting members would agree. At the Fed’s last meeting in April, only one member voted in favor of lowering the rate target range.

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