The U.S. economy once again showed signs of strength during May by registering job creation far exceeding market projections. According to the Bureau of Labor Statistics (BLS) report released this Friday, the country generated 172,000 new non-farm jobs, while the unemployment rate remained stable at 4.3%.
The data positively surprised analysts. Economists surveyed by Dow Jones Newswires and The Wall Street Journal estimated that the U.S. economy would add only 80,000 jobs during the month.
Thus, the U.S. labor market continues to consolidate its recovery, marking three consecutive months of job growth, leaving behind some of the volatility observed over the past year.
Employment Grew Above Expectations Again
The Bureau of Labor Statistics highlighted that job growth was primarily driven by the services, tourism, and health sectors.
"Total employment in the non-farm sector increased by 172,000 jobs in May, and the unemployment rate remained unchanged at 4.3%", the agency noted in its official report.
Additionally, the figures for March and April were revised upward by 93,000 additional jobs, reinforcing the perception of a labor market that is stronger than initially estimated.
The new data also reflects an economy that continues to absorb workers despite the international uncertainty generated by geopolitical conflicts and energy tensions.
Tourism and Health Led Job Creation
One of the best-performing sectors was leisure and hospitality, which added 70,000 new jobs during May.
This figure far exceeds the monthly average of 14,000 jobs recorded over the past year.
The healthcare sector also maintained a steady growth rate, adding 35,000 jobs, in line with its recent trend.
