Job growth has exceeded economists’ expectations in May.
According to the jobs report released by the Department of Labor on Friday, job growth in the United States exceeded economists’ expectations in May.
The report showed the U.S. added 139,000 nonfarm jobs from April to May, which was 9,000 more than some economists predicted. The nonemployment rate was 4.2%, which is relatively constant from March and April.
The report is compiled by the Bureau of Labor Statistics from two monthly surveys that are used to estimate the labor market as a whole. The Labor Department counts individuals who are without a job, looking for one, and available to do work as unemployed. The number of long-term unemployed people decreased by 218,000 to 1.5 million people, according to the report.
Job growth was the greatest in the health care and food service industries. Health care companies added 62,000 jobs while bars and restaurants added 30,000 jobs.
Factories lost 8,000 jobs. Hourly wages showed an improvement, rising 0.4% since April and 3.9% since 2024.
Of the unemployed population included in the report, teenagers had the highest rate at 13.4%. Adult men and women were unemployed at 3.9%.
The labor report boosted the stock market. All three major stock indexes rose after it was released.
President Donald Trump celebrated the job outlook on social media, writing, “AMERICA IS HOT! SIX MONTHS AGO IT WAS COLD AS ICE! BORDER IS CLOSED, PRICES ARE DOWN. WAGES ARE UP!”
He wrote another post, saying, “GREAT JOB NUMBERS, STOCK MARKET UP BIG! AT THE SAME TIME, BILLIONS POURING IN FROM TARIFFS!”
