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The all items Consumer Price Index for All Urban Consumers increased 4.2 percent from May 2025 to May 2026. This was the largest 12-month increase since the index rose 4.9 percent over the year ended April 2023.

In May 2026, the unemployment rate was unchanged at 4.3 percent. The unemployment rate has remained in a narrow range of 4.3 percent to 4.5 percent since July 2025. The number of unemployed people, at 7.3 million, changed little over the month.

Nonfarm business sector labor productivity increased 0.3 percent in the first quarter of 2026, as output increased 1.0 percent and hours worked increased 0.7 percent. This is the smallest increase in nonfarm business sector labor productivity since the first quarter of 2025, when there was a 0.9-percent decrease.

Total nonfarm payroll employment increased by 172,000 in May 2026, similar to the gain of 179,000 in April. In May, job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities declined.