The latest jobs report from the Bureau of Labor Statistics shows hiring was stronger than expected in May with 272,000 new jobs added to the U.S. economy led by strong hiring in health care, government, and leisure and hospitality. Economists had predicted the number was going to be closer to 185,000.
Employers added 272,000 jobs in May, shooting past expectations showing continued strength in the labor market. https://t.co/7ndctQbJcN
— The Washington Post (@washingtonpost) June 7, 2024
From the Washington Post:
Employers added 272,000 jobs in May, reflecting a booming labor market that continues to fuel the economy with workers benefiting from wages that are outpacing inflation.
The unemployment rate ticked up to 4 percent, ending a historic 27-month streak of unemployment below that benchmark that last happened 50 years ago.
Average hourly wage growth accelerated sharply in May to $34.91, up 4.1 percent from the previous year.
Wages have consistently beaten inflation for nearly a year, in a boost to American workers’ standard of living after years of wages falling behind inflation.
One downside to the strong jobs report is it becomes unlikely that the Fed will lower interest rates at its meeting next week.
BREAKING: Watch the exact moment Fox News had to announce that 272,000 jobs were created in May. Fox News admitted they were stunned to see this enormous job creation. Retweet so all Americans see this fantastic news. pic.twitter.com/1lq3klOSri
— Biden’s Wins (@BidensWins) June 7, 2024
Breaking News: Hiring in the U.S. was unexpectedly strong in May, with 272,000 jobs created, reinforcing signs of the economy’s health. https://t.co/Kyw7M3z3Mw
— The New York Times (@nytimes) June 7, 2024
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