U.S. added more jobs than anticipated in May

Investing.com - The U.S. economy added more jobs than expected last month, undermining expectations of a cooling labor market, potentially impacting how the Federal Reserve approaches potential interest rate cuts this year.

Nonfarm payrolls rose by 272,000 in May, surging from April’s revised lower 165,000 release, according to data from the Labor Department's Bureau of Labor Statistics. Economists had called for a reading of 182,000.

Average hourly earnings grew by 0.4% month-on-month, rising from 0.2% in April and above projections of 0.3%. The unemployment rate, meanwhile, rose to 4.0%, above the expected 3.9%.

You May Also Be Interested In

• BofA raises AMD target to $720, sees server CPU TAM tripling to $211B by 2030
• Barclays asks if equity markets are nearing the boiling point
• Moody’s upgrades Brinker to Ba1 on Chili’s growth and debt reduction