Employers added 172,000 jobs in May, surging past expectations

Employers added 172,000 jobs in May, topping analyst forecasts, as the labor market continued to show strength despite rising inflation and concerns about slowing economic growth.

Economists polled by FactSet predicted that the economy would gain 105,000 jobs in May.

The latest employment data from the Labor Department follows two months of strong payroll gains. 

The unemployment rate in May was 4.3%, unchanged from in April.

The job market continued to expand in May despite rising price pressures from the Iran war. Inflation is now at the highest level in almost three years as the conflict in the Middle East squeezes global energy supplies.

—This is breaking news and will be updated.