Employers added 272,000 jobs in May, according to the latest jobs report released Friday.
This was higher than the 190,000 forecast by economists.
The unemployment rate, however, edged up slightly to 4 percent – the first time it has breached that threshold since January 2022.
Stock futures plummeted following the report – in bad news for 401(K)s invested in the stock market.
Investors had been awaiting the payrolls data for more clues on the state of the US economy and when the Federal Reserve may start cutting interest rates.
The S&P 500 fell following the latest jobs report
While the data countered concerns over a slowdown in the labor market, it indicated less chance of a rate cut at the Fed’s meeting next week.
This is a breaking news story. More to follow.