WASHINGTON–Job growth in the U.S. in May was slower than in prior months but remained steady and above what many had been expected.
The U.S. added 139,000 jobs in May, according to the Labor Department. The unemployment rate, which is based on a separate data, remained steady at 4.2%.
According to the Labor Department, the May payrolls number compared with a revised 147,000 jobs added in April. Revisions showed employers added a combined 95,000 fewer jobs in March and April than previously estimated.
“The May jobs report indicates a steady labor market, with unemployment rate remaining stable at 4.2%,” said Dawit Kebede, senior economist with America’s Credit Unions, in a statement. “A labor market near maximum employment rate implies the Federal Reserve is less likely to cut rates soon, especially while inflation remains above target and faces upward pressure due to tariffs. Markets now assign a lower probability to a rate cut before September.
Members & Loans
“For credit unions, a low unemployment rate implies members are more likely to afford new loans and stay current on the existing one, supporting overall asset quality,” Kebede added.
Federal-government employment shrank by 22,000 jobs, the fourth consecutive month of such declines.
