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The economy added 272,000 jobs in May

The economy added 272,000 jobs in May

(CNN) — US job growth rose in May, jumping to 272,000 jobs, much higher than expected, while the country’s unemployment rate broke a 27-month unemployment streak below 4%.

May’s job gains are much larger than April’s total, which was revised down to 165,000. May’s data was well above expectations of 180,000, according to data from the Federal Reserve. The Bureau of Labor Statistics released Friday.

The unemployment rate rose from 3.9% to 4%. This is the first time in more than two years that the unemployment rate has not been less than 4%.

Service industries accounted for the bulk of the month’s employment gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added.

As of May, the U.S. economy added an average of 247,800 jobs per month, roughly in line with the strong job growth seen last year. Estimated salary increases for March and April were revised downward slightly: in March from 5,000 to 310,000; In April, between 10,000 and 165,000.

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