In May, job growth in the United States soared much higher than expected, reaching 272,000 jobs, while the country’s unemployment rate rose slightly, breaking a 27-month streak of unemployment below 4%.
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At a time when Americans and the Federal Reserve are clamoring for clear data on the state and trajectory of the economy, Friday’s employment report was much murkier than everyone expected.
“This report was well above what I expected, and I think what everyone expected,” Dean Baker, an economist and co-founder of the Center for Economic and Policy Research, told CNN. “We are seeing a lot of job growth, which is a good story overall.”
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May’s job gains are considerably higher than the total for April, which was revised down to 165,000, according to Bureau of Labor Statistics data released on Friday. May’s data far exceeded the expectations of 180,000 US jobs, according to FactSet’s consensus estimates.
The unemployment rate rose from 3.9% to 4%. It is the first time in more than two years that the unemployment rate has not been below 4%.
Stronger-than-expected wage increases for the month pushed the average hourly income up to 4.1% over the past year, reversing a cooling trend that had been in place for several months.
“The Federal Reserve does not focus directly on wages, but wage increases have occurred in areas where we have seen more inflation,” Diane Swonk, chief economist at KPMG, told CNN.
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