US Labor Market Adds 172,000 Jobs Despite Ongoing War

The US labor market has defied concerns of an economic downturn by adding 172,000 jobs in May. This marked an acceleration from the 115,000 jobs added in April and exceeded economists' expectations.

The job gains in May were widespread across various sectors, with the leisure and hospitality sector adding a significant 70,000 jobs. The local government and healthcare sectors also saw notable increases.

The unemployment rate remained steady at 4.3% in May, according to the Bureau of Labor Statistics (BLS). This is still low by historical standards.

Despite the strong job market, inflation remains a concern due to the ongoing Iran war. The conflict has led to a significant increase in oil prices, with the average gallon of gas now costing $4.24, up 42% since the war began on February 28th.