The unemployment rate rose to 4% from 3.9%. Employment fell in the household survey, while unemployment increased to just shy of 6.5 million and pushing the unemployment rate to the threshold of 4%. Through May, the US economy has added an average of 247,800 jobs per month, which is roughly in line with the strong job growth seen last year. Service-providing industries accounted for the bulk of the month’s job gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added. “Don’t get overly spooked by the rise in the unemployment rate,” Bunker wrote.

Source: CNN June 07, 2024 13:13 UTC