US Job Growth Exceeds Expectations With 172,000 New Positions

WHO:

[09:11 AM EDT] - CBS News - Olu Sonola, head of U.S. economics at Fitch Ratings

WHAT:

[09:11 AM EDT] - CBS News - "This is a blowout jobs report," said Olu Sonola, head of U.S. economics at Fitch Ratings, in an email.

AP News - The Strait of Hormuz, through which travels one-fifth of the world’s oil, remains closed.

AP News - Since the beginning of the war in late February, oil prices have spiked about 50%.

AP News - A recent report showed that wholesale prices shot up 6% from a year ago, the highest point in more than three years.

AP News - Most analysts don’t expect the Fed to cut rates any time soon.

AP News - Among the companies that have cut jobs recently are Verizon, UPS, Amazon, Disney, Starbucks, and Walmart.

[09:11 AM EDT] - CBS News - The Labor Department revised payroll gains for March and April to 214,000 and 179,000, respectively.

AP News - The average price for a gallon of gas in the U.S. is now $4.24, up from less than $3 in late February.

AP News - The number of Americans filing for jobless aid hit their highest level in four months, increasing to 225,000.

AP News - The four-week moving average of jobless claims rose by 6,500 to 214,750.

AP News - The total number of Americans filing for unemployment benefits for the previous week ending May 23 fell by 8,000 to 1.78 million.

[09:11 AM EDT] - CBS News - Economists polled by FactSet predicted that the economy would gain 105,000 jobs in May.

AP News - The number of Americans filing for jobless aid increased by 13,000 to 225,000 for the week ending May 30.

AP News - The average price for a gallon of gas in the U.S. is now $4.24, up from less than $3 in late February.

AP News - The four-week moving average of jobless claims rose by 6,500 to 214,750.

AP News - The total number of Americans filing for unemployment benefits for the previous week ending May 23 fell by 8,000 to 1.78 million.

[09:11 AM EDT] - CBS News - Employers added an average of nearly 190,000 jobs per month from March to May, compared with an average monthly loss of approximately 4,300 jobs from December to February.

AP News - The number of Americans filing for jobless aid hit their highest level since the Iran war began in February, with applications increasing to 225,000.

AP News - The average price for a gallon of gas in the U.S. is now $4.24, up from less than $3 in late February.

AP News - Weekly jobless aid applications have stabilized in a range mostly between 200,000 and 250,000 since the U.S. economy emerged from the pandemic recession.

AP News - Employers added fewer than 200,000 jobs last year, compared with about 1.5 million in 2024, according to the data firm FactSet.

AP News - U.S. applications for unemployment benefits for the week ending May 30 increased by 13,000 to 225,000, the highest level in four months.

AP News - The average price for a gallon of gas in the U.S. is now $4.24, up from less than $3 in late February.

AP News - Inflation at the consumer level rose 3.8% from April 2025, marking the biggest jump in three years.

AP News - The four-week moving average of jobless claims rose by 6,500 to 214,750.

[09:11 AM EDT] - CBS News - Employers added 172,000 jobs in May, exceeding analyst forecasts of 105,000 jobs.

[09:11 AM EDT] - CBS News - The unemployment rate in May was 4.3%, unchanged from April.

[09:11 AM EDT] - CBS News - The leisure and hospitality sector added 70,000 jobs in May.

[09:11 AM EDT] - CBS News - Local government employment rose by 55,000 jobs.

[09:11 AM EDT] - CBS News - Health care added 35,000 jobs in May.

[09:11 AM EDT] - CBS News - Average hourly earnings were 3.4% in May, below April's 3.8% annual inflation rate.

[09:11 AM EDT] - CBS News - Employers added an average of nearly 190,000 jobs per month from March to May.

WHERE:

[09:11 AM EDT] - CBS News - The job growth data pertains to the United States.

WHEN:

[09:11 AM EDT] - CBS News - The job growth data is for May.

[09:11 AM EDT] - CBS News - Payroll gains for March and April were revised to 214,000 and 179,000, respectively.

WHY:

AP News - The Iran war has injected a large degree of uncertainty about the broader U.S. economy and labor market.

[09:11 AM EDT] - CBS News - The job market showed strength despite rising inflation and concerns about slowing economic growth.

[09:11 AM EDT] - CBS News - Inflation is at the highest level in almost three years due to the Iran war affecting global energy supplies.

HOW:

AP News - The government issues its May jobs report on Friday.

AP News - Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.

AP News - The government issues its May jobs report on Friday.

[09:11 AM EDT] - CBS News - The job market continued to expand despite rising price pressures.

(UPDATED June 6, 2026 04:17 UTC)

In a significant development, the government is set to release its May jobs report on Friday, and analysts are already reacting, with Olu Sonola from Fitch Ratings calling it a "blowout jobs report." Meanwhile, the Strait of Hormuz remains closed, causing oil prices to spike about 50% since the war began in late February, and wholesale prices have surged 6% from a year ago, marking the highest increase in over three years. As a result of these economic pressures, major companies like Verizon, UPS, Amazon, Disney, Starbucks, and Walmart have recently announced job cuts, and most analysts do not anticipate the Fed will lower rates anytime soon.

(UPDATED June 6, 2026 01:35 UTC)

The Labor Department has revised payroll gains for March and April, now reporting 214,000 and 179,000 jobs added, respectively. Meanwhile, the average price for a gallon of gas in the U.S. has surged to $4.24, a significant increase from less than $3 just a few months ago. Additionally, jobless claims have reached their highest level in four months, with 225,000 Americans filing for aid, reflecting growing uncertainty in the economy due to the ongoing conflict in Iran.

(UPDATED June 5, 2026 19:32 UTC)

Economists polled by FactSet predicted that the economy would gain 105,000 jobs in May, but recent data shows a mixed picture with jobless claims rising by 13,000 to 225,000 for the week ending May 30. The average price for a gallon of gas in the U.S. has climbed to $4.24, a significant increase from less than $3 in late February, amid ongoing uncertainty caused by the Iran war affecting the broader economy and labor market. Additionally, the four-week moving average of jobless claims has risen by 6,500 to 214,750, highlighting concerns about layoffs and the overall health of the job market.

(UPDATED June 5, 2026 17:35 UTC)

Employers added an average of nearly 190,000 jobs per month from March to May, a significant turnaround from the average monthly loss of about 4,300 jobs seen from December to February. However, the number of Americans filing for jobless aid has surged to 225,000, marking the highest level since the Iran war began in February, which has created uncertainty in the labor market. Looking ahead, the government is set to release its May jobs report on Friday, which could provide further insights into the current economic landscape.

(UPDATED June 5, 2026 15:52 UTC)

U.S. applications for unemployment benefits for the week ending May 30 have increased by 13,000 to 225,000, reaching the highest level in four months. Additionally, the average price for a gallon of gas in the country has climbed to $4.24, a significant rise from less than $3 in late February. Meanwhile, inflation at the consumer level has surged by 3.8% from April 2025, marking the largest jump in three years.

(UPDATED June 5, 2026 13:54 UTC)

Employers in the United States added 172,000 jobs in May, surpassing analyst expectations of 105,000, while the unemployment rate remained steady at 4.3%. The leisure and hospitality sector saw significant growth, contributing 70,000 jobs, along with local government and health care, which added 55,000 and 35,000 jobs respectively. Despite this job growth, average hourly earnings rose by only 3.4%, falling short of April's inflation rate of 3.8%, as the job market demonstrated resilience amid rising inflation and concerns about slowing economic growth.