The latest jobs report came in much stronger than expected, but that sign of continued economic strength isn't playing well on Wall Street:
- New jobs: Employers added 272,000 jobs in May, well above expectations of 190,000, reports CNBC. The figure is also up sharply from April's 165,000. The biggest gains were mostly in the health care, government, and leisure and hospitality sectors.
- Rate rises: Despite the robust hiring, the unemployment rate ticked up to 4% from 3.9%, the first time it's reached that level since January 2022. That ends a 27-month streak of the rate being below 4%, matching the longest such stretch since the late 1960s, per the AP.