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.
How are U.S. jobs reports compiled?
The data is based off estimates and not full official counts of the entire labor force, which is now over 160 million strong in the U.S.
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.
