Unemployment Ticks Up As Job Growth Beats Expectations

The U.S. added 272,000 nonfarm payroll jobs in May as the unemployment rate ticked up to 4.0%, according to the Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 190,000 jobs in May compared to the 175,000 jobs that were added in initial estimates for April and that the unemployment rate would remain unchanged at 3.9%, according to 🇺🇸U.S. News and World Report. The job gains follow predictions that the economy is slowing down, with an early estimate for second-quarter gross domestic product (GDP) being revised down to 1.8% from 4.2% over the last month by the Federal Reserve Bank of Atlanta.

GDP growth was recently revised down in the first quarter of 2023 from 1.6% to just 1.3%, as new data showed that American consumers spent less in the period and businesses invested less in inventory. A poll in May showed that 67% of small 💼Business owners were worried