U.S. employers added 339,000 jobs in May, beating Wall Street’s expectations, according to newly released numbers from the U.S. Department of Labor.
That number is an increase from a revised total of 294,000 in April.
The revised data shows that the April jobs figure was adjusted upward by an additional 41,000 jobs, while the March number saw a revision of 52,000 jobs added. These upward revisions of 93,000 further emphasize the robustness of the job market during those months.
However, the unemployment rate rose to 3.7%. That’s slightly higher than April’s 3.4%, but is still hovering at historic lows.
The jobless rate among Black Americans rose to 5.6% after falling to a record low in April. Unemployment rates for women also rose by 3.3%.
Additionally, the average hourly pay for private nonfarm payrolls saw an increase of 11 cents, reaching $33.44. Compared to a year ago, this marks a notable growth of 4.3%. The average hourly pay for private-sector production and nonsupervisory employees rose by 13 cents, reaching $28.75.
It’s important to note that wages are still surpassing the pre-pandemic annual pace of 3%, demonstrating continued progress. However, this growth rate is lower than the nearly 6% witnessed in 2022.