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The U.S. added 172,000 non-farm jobs in the month of May according to a Friday report from the Bureau of Labor Statistics, with an additional cumulative upward revision of March and April’s job numbers by 93,000. Unemployment did not move from April’s 4.3 percent, prompting markets to solidify their belief that the Federal Reserve will raise interest rates by the end of the year.
The majority of employment gains were found in leisure and hospitality, local government, and health care, with employment in financial services seeing a decline.
Full-time employment, seasonally adjusted, is down 600,000 jobs year-over-year (YOY) and 79,000 month-over-month (MOM). Part-time employment remains up 132,000 jobs YOY and 266,000 MOM.
The stable unemployment rate provides room for the Federal Reserve to raise interest rates to combat climbing inflation at its upcoming Federal Open Market Committee meeting June 16–17.
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