06/07/2024

In May, U.S. Adds More Jobs than Expected

The Fed's expected to leave its interest rate unchanged next week

U.S. job growth accelerated far more than expected in May, keeping the Federal Reserve on track to hold off starting to cut interest rates until September at the earliest.

The Labor Department's closely watched employment report on Friday also showed the unemployment rate ticked up to 4.0 percent from 3.9 percent in April, breaking a symbolic threshold below which the jobless rate had previously held for 27 straight months.

While the labor market has softened in recent months, its still-solid clip has allowed the Fed to take its time so far in deciding when to begin lowering borrowing costs.

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