Jobs Report May 2026:

Job growth jumped unexpectedly in May as the U.S. labor market continued a year of solid expansion, the Bureau of Labor Statistics reported Friday.

Nonfarm payrolls jumped by a seasonally adjusted 172,000 for the period, down slightly from April’s upwardly revised 179,000 and well above the Dow Jones consensus estimate of 80,000. The unemployment rate remained steady at 4.3%, as expected.

“This is a stronger labor market than last year and one that looks pretty damn strong, despite high energy prices and higher inflation in general,” said Gus Faucher, chief economist at PNC. “There is no indication that the labor market needs support.”

The scale of job creation improved in May, with several sectors recording solid advances.

Leisure and hospitality led all sectors with 70,000 jobs, well above last year’s average of 14,000 per month and a possible reaction to hiring needed for the World Cup.

The local government added 55,000.

Health care, which was the leading sector, generated 35,000 new hires, roughly in line with its average. Welfare added 12,000 people.

Average hourly wages rose 0.3% over the month and 3.4% over the past year, both in line with the Wall Street consensus.

The report came against a backdrop of subdued expectations as employers maintained their position in an environment of low hiring and low firing. While job creation has been largely concentrated in just a few sectors, layoffs have also been moderate, although there are signs that artificial intelligence is having an impact on the workforce.

In addition to the good employment numbers for May, revisions from previous months also presented an even better picture. The April count represented an upward revision of 64,000, while the March count saw an increase to 214,000, a gain of 29,000.

Last summer, President Donald Trump, angered by weak jobs numbers and sharp downward revisions, fired the BLS commissioner and named William J. Wiatrowski as acting chief.

“The hiring recession is over. American businesses are hiring again,” said Heather Long, chief economist at Navy Federal Credit Union. “This is a strong jobs report from every angle.”

Stock market futures were mostly negative after the release, while Treasury yields rose sharply.

The household survey, used to calculate the unemployment rate, also reflects a strong job market, with an increase of 149,000 people. The participation rate remained stable at 61.8%, while a broader measure of unemployment that includes discouraged workers and those in part-time employment for economic reasons fell slightly to 8.1%.

Better-than-consensus employment numbers should further deter the Federal Reserve from lowering interest rates in the near future.

“Stronger jobs data leaves the Fed where it has been for a while: watch and wait, focused on the inflation side of its mandate,” said Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management. “Rate cuts are not yet on the agenda in the near term, but the absence of inflationary threats in today’s report should calm rumors about a possible hike.”

In recent days, Fed officials have become more optimistic about the labor market situation, turning more of their attention to a worrying inflation problem that has largely sidelined the prospect of further interest rate cuts. The central bank has remained in a wait-and-see position this year after lowering benchmark rates by three-quarters of a percentage point during the latter part of 2025.

Fed policymakers have largely stuck to the idea of ​​waiting to see how developments play out this year before committing to a policy path.

Economic growth overall has been strong, with gross domestic product up an annualized 1.6% in the first quarter and so far a 3% gain in the second quarter, according to the Atlanta Fed.

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