U.S. Economy Adds 172,000 Jobs in May

The U.S. economy added 172,000 jobs in May, marking the third straight month of job gains despite rising inflation and continued economic uncertainty, according to the U.S. Bureau of Labor Statistics. The unemployment rate in the month remained unchanged at 4.3%.

The change in total nonfarm payroll employment for March was revised up by 29,000 from a gain of 185,000 to 214,000 jobs and the change for April was revised up by 64,000, moving from a 115,000 gain to 179,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported. 

Employment in the construction sector rose by 17,000 jobs in May, following a 9,000 gain in April. The sector added 900 jobs in residential construction and 15,700 jobs in non-residential construction.

According to the National Association of Home Builders, residential construction employment continues to show signs of weakness as the six-month moving average of job gains for the group remains negative, with an average monthly loss of 1,300 jobs. Residential construction has also lost a net of 33,300 jobs over the last year. In May, the unemployment rate for construction workers rose to 5.2% on a seasonally adjusted basis, though it remains relatively low compared with historical norms.