In May, economists predicted that the job market would experience 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 a remarkable 272,000 payrolls. This significant increase coincided with a rise in the nation’s unemployment rate to 4% from 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, surpassing the expected 180,000 jobs. The April total was revised down to 165,000 jobs. The latest data from the Bureau of Labor Statistics reflects 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 an impressive 83,500 jobs.
This developing story will continue to be updated with more information as it becomes available.
