May sees a surge in U.S. economy with over 270,000 new jobs added

In the last month, approximately 272,000 workers were hired, which is higher than the average number of workers hired in the past year. Despite this, the unemployment rate remained around 4 percent. This indicates a strong economy that may lead the Federal Reserve to hold off on lowering interest rates from the current range of 5 ¼ to 5 ½ percent.

The Labor Department reported that nearly 70,000 new jobs were created in the healthcare field alone. Government jobs also saw an increase, with around 43,000 people finding employment in this sector. Additionally, the leisure and hospitality industry saw a similar number of new jobs created, while the professional, scientific, and technical services sector added over 30,000 jobs.

The unemployment rates remained steady across various demographics. Adult men and women had unemployment rates of nearly 4 percent and under 3 ½ percent, respectively. Around 12 percent of teenagers were unemployed

By Sophia Gonzalez

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