The economy added 172,000 new payroll jobs in May, the Bureau of Labor Statistics reported Friday, as businesses shrugged off the energy supply shock from the war with Iran.The unemployment rate remained at 4.3%.Forecasters had expected payroll job growth to slow to 85,000.
Instead, it accelerated, and previous months’ job gains were revised up.
Friday’s report is likely to provide a shot in the arm for President Donald Trump, who has been weighed down by historically low consumer sentiment.
The conflict with Iran and the halt of oil tankers through the Strait of Hormuz darkened the economic picture over the course of May.
The run-up in energy prices from the supply chain disruptions pushed up inflation heading into the month. The price of a gallon of regular gas, for instance, rose from around $3 in February to above $4 by the end of May.
