May 2024 jobs report: How many new jobs added and what it means for the economy
The U.S. economy added 272,000 jobs in May, bringing good news for workers but potentially complicating the Federal Reserve's ongoing crusade against inflation.
The U.S. economy added 272,000 jobs in May, bringing good news for workers but potentially complicating the Federal Reserve's ongoing crusade against inflation.
The data, published Friday by the Bureau of Labor Statistics, offers a counterpoint to some employment market indicators that had shown signs of slowing as recently as this week. Economists had expected the economy to add 190,000 jobs, according to a Dow Jones survey.
“A long feared substantial slowdown in hiring has yet to show up,” Bankrate Senior Economic Analyst Mark Hamrick said in a statement Friday.
The unemployment rate ticked up to 4% but remains historically low, extending a 30-month streak of unemployment at or below that level. And in another bright spot for workers, average hourly earnings jumped 4.1% in May from the year before, up from a 3.9% annual rate in April.
Friday's data reinforces expectations that the Federal Reserve will hold off cutting interest rates when it meets next week.
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