US Economy Adds 272,000 New Jobs, Unemployment Ticks Up to 4 Percent in May

Full-time employment tanks while more people are working multiple jobs.

A “Help Wanted” sign hangs in restaurant window in Medford, Mass., on Jan. 25, 2023. Brian Snyder/Reuters

The U.S. economy created 272,000 new jobs in May, topping economists’ estimates and defying observations that the labor market could be cooling off. The latest figure could further challenge investor expectations that the Federal Reserve might pull the trigger on an early rate cut.

The latest reading was up from the April gain of 165,000 jobs, according to the Bureau of Labor Statistics (BLS). It topped the consensus forecast of 185,000.