SMASHING RECORDS: Huge May Jobs Report DEMOLISHED All Expectations

Wages outplaced inflation.

Yahoo Finance: The US economy added 172,000 jobs in May, blowing past expectations, according to the government’s closely watched jobs report. The unemployment rate remained flat at 4.3%.

Economists surveyed by Bloomberg had anticipated payroll growth of 88,000 for the month.

April’s jobs report — which itself was a massive beat — was also revised to show an even better 179,000 jobs gained, compared to the 115,000 reported earlier. March’s payroll growth was similarly updated to show 214,000, bringing the first monthly gain above 200,000.

Construction up 17K jobs, manufacturing up 7K, leisure and hospitality up 70K (!)

The Jobs Report Delivered a Big Surprise

Heading into today’s release, economists surveyed by major financial outlets expected the U.S. economy to add approximately 85,000 jobs in May while the unemployment rate held steady at 4.3%. Instead, BLS reported that nonfarm payrolls increased by 172,000 jobs while unemployment matched expectations.

That is not a small beat. The economy generated more than double the expected number of jobs at a time when many investors believed higher interest rates, rising prices, and geopolitical uncertainty would finally begin weighing on hiring. Instead, employers kept adding workers at a pace that suggests the labor market remains remarkably resilient

A lot of different industries are hiring

Even CNN:

“This is the best jobs report in Trump’s second administration,” says Acting Labor Secretary Acting Secretary Keith Sonderling

“The jobs reports continue to demolish expectations… we saw 172,000 jobs. The experts, 75/75 ‘experts’ at Bloomberg surveyed predicted 85,000 — so it DOUBLED it.”

The economy added 172,000 jobs in May, more than double the 85,000 forecast, eliminating the case for near-term Fed rate cuts.

AUTHOR

Pamela Geller

POST ON X:

EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.