US economy adds 172,000 jobs in May, blowing past expectations

• U.S. employers added 172,000 jobs in May, beating forecasts and showing continued labor market strength.
• Payroll revisions added 93,000 jobs to prior months, signaling stronger hiring than initially reported.
• Strong jobs data contrasted with weakness in tech stocks, crypto markets, and ongoing inflation concerns.

The Kobeissi Letter said the U.S. economy added 172,000 jobs in May, well above expectations of about 85,000. In a post on X, it described the result as a strong upside surprise and said the unemployment rate held at 4.3%, in line with forecasts. It also noted that April’s job gains were revised higher by 64,000 jobs.

Data from the U.S. Bureau of Labor Statistics showed a similar picture, with employers adding 172,000 jobs during the month. The report also revised March and April payrolls higher by a combined 93,000 jobs. The Kobeissi Letter said the rev…

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