Financial News: U.S. Employment Surges Much More Than Expected In

U.S. Employment Surges Much More Than Expected In May

06/07/2024 - 08:36:00 (RTTNews)

(RTTNews) - Employment in the U.S. shot up by far more than economists had been expecting in the month of May, according to a closely watched report released by the Labor Department on Friday.

The Labor Department said non-farm payroll employment surged by 272,000 jobs in May after climbing by a downwardly revised 165,000 jobs in April.

Economists had expected employment to increase by about 185,000 jobs compared to the addition of 175,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate crept up to 4.0 percent in May from 3.9 percent in April. The unemployment rate was expected to remain unchanged.

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