BREAKING NEWS: Economy added 223,000 jobs in May

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Job growth surged in May, bringing unemployment to an 18-year low.

The economy added 223,000 jobs, the Labor Department reported Friday, up from 159,000 in April. The unemployment rate was 3.8 percent, down from April's 3.9 percent.

Average hourly private-sector earnings were up 2.7 percent over the previous year. In April, they were up 2.6 percent.

Analysts surveyed by Bloomberg had predicted the creation of 190,000 jobs, an increase in over-the-year hourly earnings of 2.7 percent and an unemployment rate of 3.9 percent.

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