The Labor Department reported Friday that U.S. employers added 172,000 jobs in May, roughly double what forecasters had expected. The unemployment rate held at 4.3%, according to the Bureau of Labor Statistics, matching the prior month’s reading. The broader U-6 measure of underemployment — which includes discouraged workers and those working part-time involuntarily — stood at 8.1%.
The May jobs report extends a pattern of hiring that has consistently beaten forecasts since the Iran conflict began. In April, employers added 115,000 jobs, far surpassing expectations, as MSI previously reported. The April unemployment rate also stood at 4.3%.
The strong headline employment figures stand in contrast to souring consumer sentiment. Gasoline prices have surged following U.S. and Israeli attacks on Iran, and President Donald Trump has taken a beating in the polls over the rising costs. An AP-NORC poll published in April found Trump’s economy approval slipping as Iran-war prices rose.
Economists have described the labor market as surprisingly resilient in the face of the geopolitical shock. The May payroll gain of 172,000 was roughly double the consensus forecast, according to the Associated Press, which first reported the data.