Data from the Bureau of Labor Statistics released on Friday indicated that the U.S. economy continues to remain strong despite unemployment rising. The May jobs report showed that 339,000 nonfarm payrolls were added during the month, far exceeding analysts’ expectations of a rise of 195,000.
Unemployment rose to 3.7%, compared to expectations of a rise to 3.5%. Average hourly earnings on a monthly basis rose by 0.3%, on par with expectations, while annual hourly earnings rise on a year-on-year basis rose by 4.3%, just short of an expected 4.4% rise.
In addition to May’s employment gains, figures from the previous two months were also revised. Employment gains over the past two months were revised to 294,000—a 41,000 rise from the initial figures – while March gains alone were raised to 217,000 from 165,000.