The May 2026 jobs report doubled forecasts with 172,000 new positions, shifting Fed rate expectations and creating headwinds for crypto markets.

The US labor market appears to have found its footing: The economy added 172,000 jobs in May, shattering expectations, new data from the Bureau of Labor Statistics showed Friday.

Nonfarm payrolls were expected to increase by 80,000 in May while the unemployment rate held at 4.3%.

Traders bet the Fed will have to raise rates by December

Jobs report today: Job gains last month were broad-based. Local governments added 55,000 workers, restaurants and bars 48,000, healthcare companies 35,000.