Economy added 272,000 jobs in May, surging past expectations

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from The Washington Post,

Employers added 272,000 jobs in May, shooting past expectations in a sign of a booming labor market that continues to defy economists’ predictions of a slowdown.

However, 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.

The unemployment rate edged up for Latinos, Asians, teenagers and adult men, and unemployment jumped for African Americans in May, hitting 6.1 percent, up from 5.6 percent in April. Economists caution against reading too closely into month-to-month fluctuations in this data.

“The American middle class is seeing their economic standing improved. The strong wages and improving living standards are the main takeaway from this very strong jobs report,” said Joe Brusuelas, chief economist for the accounting firm RSM US. “Unfortunately, it removes any hope of a July rate hike off of the table by the Federal Reserve.”

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