May Jobs Report Doubles Expectations, American Worker Wins
The American worker just delivered a knockout punch to the so-called experts. May job creation doubled expectations, proving that the spirit of individual merit and the American Dream cannot be held back by Washington bureaucrats. While the left pushes failed woke policies, hardworking citizens are out there getting the job done.
The Hard Numbers Don't Lie
The Labor Department reported Friday that nonfarm payrolls grew by 172,000 in May. That is more than double the 85,000 jobs that Dow Jones-polled economists predicted. It seems the elite forecasters keep underestimating the grit of the American people.
April's numbers were also revised up to 179,000, and March saw a second straight upward revision to 214,000. The unemployment rate held steady at 4.3%, right where experts expected. It has stayed at or below 4.5% since October 2021. That is the kind of stability that comes from good old-fashioned hard work, not government handouts.
Here are the hard facts from the May jobs report:
- May payrolls: +172,000 (estimate was +85,000)
- May unemployment: 4.3% (estimate was 4.3%)
- May hourly earnings: +0.3% (estimate was +0.4%)
- April payrolls revised: +179,000
- March payrolls revised: +214,000
The Federal Reserve Threatens Economic Freedom
Of course, the federal government cannot stand to see Americans thrive without wanting to step in. Markets now believe the Federal Reserve will push interest rates higher by the end of 2026. The CME FedWatch Tool shows a 98% chance the central bank keeps its benchmark rate at 3.50% to 3.75% for now. However, December futures imply a 57% chance of a rate hike by year's end. That is up from below 50% before this report.
A team of BofA Global Research economists wrote: