Nonfarm payrolls added 272,000 jobs in May 2024, yet unemployment rose to 4% with 408,000 fewer people reporting jobs.

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  • Nonfarm Payrolls (Establishment Survey):
    • In May 2024, the U.S. economy added a robust 272,000 jobs.
    • This figure exceeded expectations and signaled strength in the labor market.
    • Key sectors contributing to job gains included health care, government, and leisure and hospitality.
  • Unemployment Rate:
    • The unemployment rate rose to 4%, marking the first time it breached that level since January 2022.
    • Despite this increase, the overall job gains were substantial.
  • Household Survey Data:

 



 

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