US employers added 272,000 jobs in May, a sign of economic health and confidence in the economy.
Consumer spending on travel, entertainment and services contributed to the steady growth of the economy.
The big picture: Unemployment rate slightly increased to 4 percent in May from 3.9 percent, ending a 27-month streak of unemployment below 4 percent.
- Hourly wages increased by 4.1% from a year ago, potentially contributing to inflation.
- The Federal Reserve is monitoring inflation closely before considering any cuts to their benchmark rate.
- Job growth was particularly strong in healthcare, restaurants, hotels and entertainment sectors.
- Government jobs added 43,000 positions in May.
