Monday, June 17, 2024
HomeBusinessU.S. job gains totaled 272,000 in May

U.S. job gains totaled 272,000 in May

The U.S. economy created many more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s push to lower interest rates.

Nonfarm payrolls rose by 272,000 during the month, up from 165,000 in April and well above the Dow Jones consensus estimate of 190,000.

At the same time, the unemployment rate rose to 4%, the first time it has exceeded that level since January 2022.

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