U.S. Economy Adds 272,000 Jobs in May, Unemployment Rises to 4.0%, Highest Since Nov. 2021

Jun 7, 2024, 12:32 PM

The U.S. economy added 272,000 jobs in May, significantly surpassing the expected 185,000. This marks the 41st consecutive month of job growth. Despite the robust job gains, the unemployment rate rose to 4.0%, slightly higher than the anticipated 3.9%, and the highest since November 2021. Average hourly earnings also increased by 0.4% month-over-month, exceeding the forecasted 0.3%, and grew by 4.1% year-over-year, above the expected 3.9%. These figures present a mixed picture of the labor market, with strong job creation but a slight uptick in unemployment.