The U.S. labor market flexed its muscles in May, with employers adding 172,000 jobs, the Bureau of Labor Statistics reported Friday. That's more than double the 85,000 economists had forecast, and just a hair below April's upwardly revised 179,000.

The unemployment rate stayed put at 4.3%, matching both the expected and prior readings. Wage growth also held steady: average hourly earnings rose 0.3% on the month (as expected) and were up 3.4% from a year earlier.

The hotter-than-expected jobs data lands after a string of hot inflation readings and less than two weeks before the Federal Reserve's June 16-17 meeting. This will be the first meeting chaired by Kevin Warsh, who succeeded Jerome Powell in May.

This is a developing story…