Closing post
Time to wrap up…
The US economy added 272,000 jobs in May, a sign the labor market continued strong amid high interest rates, the Bureau of Labor Statistics announced on Friday.
The number of May jobs was far higher than the 190,000 economists had expected and topped April’s gains, when a revised 165,000 jobs were added to the economy. The report offered a mixed view of the jobs market. The unemployment rate rose to 4% for the first time since January 2022, up from 3.9% in April.
The White House celebrated the news, which comes amid enduring public skepticism about the economy. “The great American comeback continues, but we still have to make more progress,” Joe Biden said in a statement.
“On my watch, 15.6 million more Americans have the dignity and respect that comes with a job.”
Here’s the full story:
Goodnight, and have a good weekend. GW
The US dollar is pushing higher against sterling, knocking the pound down by almost three-quarters of a cent to $1.2722.
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