The U.S. economy added 272,000 jobs in May, and the unemployment rate ticked slightly higher to 4 percent, according to new Labor Department data released Friday. The May jobs report was far hotter than the expectations of economists, who projected a gain of 185,000 jobs and no movement from the April jobless rate of 3.9 percent. The slight increase in the jobless rate, however, breaks the longest streak of sub-4 percent unemployment since the 1960s. The May jobs report comes as the Federal Reserve prepares to vote on interest rates next week. The central bank has maintained rates at a range of 5.25 to 5.5 percent since July 2023, and hopes are low that it will start cutting rate
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