May job growth boosted by strong hiring in the government, health care

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The U.S. economy added jobs at a faster-than-expected clip in May as strong hiring in health care and the government helped to boost the overall payroll figure.

Employers added 272,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily toppingthe 185,000 gain forecast by LSEG economists. But the unemployment rate unexpectedly inched higher to 4% against expectations that it would hold steady at 3.9%. It marked the highest level for the jobless rate since January 2022.

«The May jobs report sent conflicting messages,» said Bill Adams, chief economist for Comerica Bank. «Payrolls rose solidly, and wage growth picked up, signs the labor market is still running hot. On the other hand, the unemployment rate rose, recent job growth has been concentrated in part-time jobs, and temp jobs fell, signs the labor market is cooling.»

WHITE-COLLAR WORKERS ARE STRUGGLING TO FIND JOBS AS THE LABOR MARKET SLOWS

The health care sector accounted for the biggest payroll gains in May, adding 68,000 jobs last month. Employment continued to trend upward in doctors' offices (13,400), home health care services (19,600), hospitals (15,000) and nursing and residential care facilities (10,600).

There were also sizable gains within the government last month, with payrolls growing by 43,000. The bulk of those jobs took place within local governments, excluding education (23,700). Local government education, meanwhile, added 9,800 jobs to the headline figure. 

US JOB GROWTH JUMPS BY 272K IN MAY WHILE UNEMPLOYMENT UNEXPECTEDLY RISES

Hiring in the leisure and hospitality sector was the third-biggest contributor