Economy added 339K jobs in May, nearly double Wall Street expectations

U.S. employers have added roughly 339,000 jobs in May, and the monthly unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April, according to a Labor Department report released Friday.

Average hourly earnings rose 0.3% for the month while on an annual basis, wages increased 4.3%, which was a 0.1 percentage point under the estimate.

Markets have reacted well to the report. Futures connected to the Dow Jones Industrial Average went up roughly 200 points.

“The U.S. labor market continues to demonstrate grit amid chaos – from inflation to high-profile layoffs and rising gas prices,” said Becky Frankiewicz, president and chief commercial officer of Manpower Group, according to CNBC. “With 339,000 job openings, we’re still rewriting the rule book and the U.S. labor market continues to defy historical definitions.”