The US far exceeded expectations with 272,000 jobs added in May

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The US created an additional 272,000 jobs in May, much higher than forecast

Economists polled by Bloomberg had predicted nonfarm payrolls would increase by 180,000 last month.

The U.S. unemployment rate rose to 4% from 3.9%, according to Friday’s data from the Bureau of Labor Statistics.

April’s figure, previously estimated at 175,000, fell to 165,000.

The news comes less than a week before the Federal Reserve’s June meeting when the US central bank is expected to keep interest rates at a 23-year high of 5.25-5.5 %.

Inflation in the US has proved more persistent than previously thought and the Fed has taken a cautious approach to reducing borrowing costs.

This is an evolving story