The monthly jobs report from the Labor Department's Bureau of Labor Statistics is packed with surprises and conflicting signals about what comes next.
The economy added far more jobs than expected in May with nonfarm payrolls increasing by 272,000 for the month, up from 165,000 in April. On the flip side, the nation's unemployment rate ticked back up to 4% for the first time since January of 2022. Bankrate's senior economic analyst Mark Hamrick called the long stretch of below-4% unemployment a"historical anomaly". He said some sectors are more challenged by recent rate hikes than others, like"business and professional services, technology, interest rate sensitive sectors such as housing."
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