US added 172,000 jobs in May, even as inflation squeezed consumers

The U.S. economy added a robust 172,000 jobs in May, a sign that the labor market remained resilient despite a growing energy and inflation crisis triggered by the ongoing war with Iran.

According to the Bureau of Labor Statistics, the unemployment rate remained steady at 4.3%.

While hiring is solid, there’s growing concern about wage growth lagging the rate of price growth. Average hourly earnings rose 3.4% from a year ago. In April, inflation sharply jumped to a 3.8%, its highest level in three years, due to the surging price of gasoline and the resulting economic ripple effect. The government will release the May inflation report next week.

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