US job growth unexpectedly jumps in May as economy adds 339,000 new positions

U.S. job growth unexpectedly surged in May, as the labor market remained surprisingly resilient even in the face of rising interest rates, declining economic growth and bank turmoil.

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Employers added 339,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily beating the 190,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, jumped to 3.7% – much higher than the 3.5% estimate. 

© (Photo by Joe Raedle/Getty Images)
MIAMI, FLORIDA – MAY 05: Construction workers on a job site on May 05, 2023 in Miami, Florida. A report by the Bureau of Labor Statistics showed the US economy added 253,000 jobs in April. (Photo by Joe Raedle/Getty Images)

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