May jobs report ‘stronger than anticipated’

Total nonfarm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3%, the U.S. Bureau of Labor Statistics reported Friday.

"May's jobs report came stronger than anticipated, and the upward revisions to March and April suggest the labor market may be moving past the softer hiring patch we saw earlier this year. The trend over the last three months is encouraging. For the Federal Reserve, this data reinforces a patient posture,” said America's Credit Unions Senior Economist Dawit Kebede “With the labor market holding up and inflation still above target, there is no urgency to cut rates. And if inflation continues to move in the wrong direction, the possibility of additional rate hikes cannot be ruled out entirely."