Unemployment Rate Holds at 4.5%

U.S. payrolls jumped by 157,000 in May while the unemployment rate held at 4.5%, the Labor Department reported Friday.

The jobs gain was more than economists’ forecasts of 132,000 new jobs, while the unemployment rate matched expectations, Bloomberg reported.

Manufacturing payrolls fell by 19,000 jobs following a 20,000 decline in April. Economists had forecast manufacturing jobs to fall by 14,000.

Service industries added 176,000 jobs following a 119,000 gain in April, Labor said.

The unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.

Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.