The U.S. economy posted a third straight month of strong job gains in May, confirming the labor market was gaining traction after stumbling last year and giving the Federal Reserve more room to keep interest rates unchanged amid rising inflation due to the war in the Middle East.

The economy added 172,000 jobs in May, shattering expectations, new data from the Bureau of Labor Statistics showed Friday.

US jobs growth was way better than expected last month. The world’s biggest economy added twice as many jobs as economists had forecast: 172,000 versus predictions of around 88,000. Many of the new jobs were in the hospitality sector as pubs,

Hiring beat expectations with 172,000 new jobs. The unemployment rate held steady at 4.3%.

The U.S. economy added 172,000 jobs in May despite a growing energy and inflation crisis triggered by the ongoing war in Iran. Editor-in-Chief at Investopedia, Caleb Silver, breaks down the latest economic news,

The Bureau of Labor Statistics reported that 172,000 jobs were added in May, beating economist expectations of 85,000 while unemployment held at 4.3%.

A stronger-than-expected jobs report sent Wall Street tumbling as investors increasingly bet on rate increases from the Federal Reserve.

The May report blew past estimates of around 80,000 job gains, as the economy shows signs of momentum after a patch of job losses in the fall and winter.