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U.S. Adds 172,000 Jobs in May as Spring Payrolls Are Revised Up

Large upward revisions to March and April have increased the chance the Fed will hold or tighten policy rather than cut.

WASHINGTON, DC - JUNE 02: Director of the National Economic Council Kevin Hassett speaks to reporters outside the West Wing of the White House on June 2, 2026 in Washington, DC. Hassett spoke on various topics including President Trump’s nomination of Bill Pulte to be the acting director of National Intelligence. (Photo by Alex Wong/Getty Images)
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Traders work on the floor of the New York Stock Exchange during morning trading on June 04, 2026 in New York City.
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Overview

  • The Bureau of Labor Statistics reported Friday that the U.S. economy added 172,000 nonfarm payroll jobs in May and the unemployment rate stayed at 4.3 percent.
  • The BLS raised March and April payrolls by a combined 93,000 jobs, changing the three‑month trend to stronger hiring than previously reported.
  • Gains were concentrated in leisure and hospitality (about 70,000), local government (roughly 52–55,000) and healthcare (about 35–47,000), raising concerns that much hiring is in lower‑paying roles.
  • Average hourly earnings rose 0.3 percent for the month and 3.4 percent year over year, while markets sold off and Treasury yields climbed as investors reassessed near‑term Fed policy.
  • The stronger jobs backdrop, together with spring inflation pressures tied to higher energy costs, means higher borrowing costs are likelier for consumers and businesses and keeps mortgage and loan rates elevated.