NEW: Jobs Grow Again in May, Beating Expectations, Adding 272,000

NEW: Jobs Grow Again in May, Beating Expectations, Adding 272,000

Good news in the job market, but probably bad news for those hoping for the economy to cool and see the Federal Reserve begin to make rate cuts.

 

U.S. employers added a seasonally adjusted 272,000 jobs in May, the Labor Department reported on Friday.

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It far exceeded what economists had expected.

 

“Friday’s release comes after several recent reports have hinted at some unexpected weakness in the economy. Recent data on retail sales, overall consumer spending, construction and industrial production have all come in below economists’ expectations,” reported the Wall Street Journal.

 

The unemployment rate edged up to 4.0% from April’s 3.9%. 

 

Rhode Island numbers will be released in about two weeks. The job market has significantly cooled in RI, and unemployment in April exceeded 4%.