US job growth jumps by 272K in May while unemployment unexpectedly rises

June 07, 2024 at 08:33 AM EDT

The May jobs report released Friday provided a look at the labor market's health as the economy continues to confront high interest rates and inflation.

Employers added 272,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, easily topping the 185,000 gain forecast by LSEG economists. But the unemployment rate unexpectedly inched higher to 4% against expectations that it would hold steady at 3.9%.

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