US Bureau of Labor Statistics (BLS) monthly employment report

US Economy Adds 272,000 Jobs in May, Marking 41st Consecutive Month, Unemployment Rate Rises to 4%

Jun 7, 2024, 12:37 PM

The US 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 creation, the unemployment rate increased to 4%, higher than the anticipated 3.9%. The mixed labor market signals continued strength in hiring, particularly in sectors like healthcare, government, and hospitality, even as the unemployment rate ticks up. This is the first time the unemployment rate has reached 4% or above since November 2021. The Household Survey shows unemployment ticking up due to fewer people employed, while the Establishment survey shows the huge job gain. Notably, temporary help services jobs decreased by 14.1k.