Economists predicted that in May, there would be job growth of 180,000 payrolls and the unemployment rate would remain steady at 3.9%. However, the actual data exceeded expectations, with job growth reaching 272,000 payrolls, marking a significant increase. This coincided with a rise in the nation’s unemployment rate to 4% from the previously low 3.9%, breaking a 27-month streak of maintaining the rate below 4%.
Compared to the previous month, May’s job gains were significantly higher, with the April total being revised down to 165,000 jobs. The latest data from the Bureau of Labor Statistics surpassed the expected 180,000 jobs, reflecting strong growth in the job market. Service-providing industries played a major role in the job gains for the month, with health care and social assistance leading the way by adding 83,500 jobs.
This developing story will continue to be updated with more information as it becomes available.
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