The U.S. economy added 272,000 jobs in May, and the unemployment rate ticked slightly up to 4 percent, according to new Labor Department data released Friday.
The May jobs report was far hotter than the expectations of economists, who projected a gain of 185,000 jobs and no movement from the April jobless rate of 3.9 percent.
The slight increase in the jobless rate, however, ends the longest streak of sub-4 percent unemployment since the 1960s.
The May jobs report comes as the Federal Reserve prepares to vote on interest rates next week. The central bank has maintained rates at a range of 5.25 percent to 5.5 percent since July 2023, and hopes are low that it will start cutting rates this month.... Read More: The Hill