U.S. payrolls rise 172,000 in May as unemployment holds at 4.3%

U.S. employers added 172,000 jobs in May, according to the Bureau of Labor Statistics, a gain that exceeded economists’ expectations. The unemployment rate stayed at 4.3%, matching forecasts. The report showed job growth across several sectors. Leisure and hospitality led the gains, followed by local government and health care. Average hourly earnings increased 0.3% for the month and 3.4% from a year earlier, in line with estimates. The strongerthanexpected labor market data suggests hiring remains steady even as the economy faces higher inflation and energy costs. It also makes an imminent interestrate cut by the Federal Reserve less likely, as policymakers continue to focus on inflation and wait for more data.