May Jobs Report: Nonfarm Payrolls Surge 172,000, Smashing Estimates (UPDATED)

Editor’s note: This article has been updated to add more details and context. The U.S. labor market strengthened in May as employers added 172,000 jobs, the Bureau of Labor Statistics reported Friday. The monthly increase in total nonfarm payrolls far outpaced the 85,000 mark economists had penciled in, and came in only slightly below April’s upwardly revised 179,000. The unemployment rate held steady at 4.3%, match…