Nonfarm Payrolls Continue to Expand, Unemployment Rate Remains Low

Highlights

• Nonfarm payrolls increase by 339,000 in May, beating estimates.
• Unemployment rate at 3.7%, slightly higher than expected.
• Positive job growth for the 29th consecutive month.

Overview

Despite various challenges, the U.S. economy demonstrated robust job growth in May, as nonfarm payrolls surged beyond expectations. The Labor Department reported a significant increase of 339,000 jobs in the public and private sectors, surpassing the estimated 190,000 and extending the streak of positive job growth to 29 consecutive months. The unemployment rate stood at 3.7%, slightly above the anticipated 3.5% and nearing its lowest level since 1969.