US economy adds higher-than-expected jobs in May, unemployment up at 4%

The US economy added higher-than-expected jobs in May, with a slight increase in the unemployment rate, which could reduce the likelihood of the Federal Reserve ending its monetary tightening cycle soon.
 

According to data from the Bureau of Labor Statistics released on Friday, the US economy added 272,000 jobs in May, compared to the expected 190,000 during the same period, and against 165,000 jobs in April, which was revised down by 10,000.
 

This also compares to the average of the previous 12 months, which was 232,000 jobs, while the unemployment rate slightly rose to 4% from 3.9% in April, and 3.8% in March.
 

The healthcare sector added the largest number of jobs at 68,000, surpassing the monthly average of 64,000 over the past 12 months.
 

The government sector added 43,000 jobs in May, the hospitality and leisure sector added 42,000 jobs, food services added 25,000 jobs, and professional, scientific, and technical services added 32,000 jobs.
 

The data also indicated that the average weekly working hours remained unchanged at 34.3 hours in May, while the average hourly wage increased by 0.4%, or 14 cents, to $34.91.