Sam Goldfarb of The Wall Street Journal reports U.S. Employers added 272,000 jobs in May as unemployment edged up to 4%. Goldfarb writes:
U.S. job growth burst past expectations last month but the unemployment rate edged up to 4%, presenting a mixed view of a labor market that has generally been cooling without overly troubling most workers.
Total nonfarm U.S. jobs increased a seasonally adjusted 272,000 jobs in May, the Labor Department reported on Friday, more than in April and well above the 190,000 economists had expected. Average hourly earnings also topped forecasts, rising 4.1% from a year earlier.
The unemployment rate edged up from April’s 3.9%, hitting 4% for the first time in more than two years.[…]
The U.S. central bank is widely expected to keep rates unchanged at its meeting next week. Officials will submit their first formal interest rate forecasts since March, when a narrow majority reaffirmed projections to cut rates three times this year.
Read more here.
