JAKARTA - The United States (US) unemployment rate rose slightly to 4.0 percent, according to a US Department of Labor report on Friday. However, employers in the United States (US) noted there were 272,000 new jobs in May 2024, higher than expected.
Job opportunities continue to increase in several industrial sectors, such as health care, government, recreation and hospitality, as well as professional, scientific, and technical services.
Total employment opportunities in the non-farming sector rose by 272,000 in May, surpassing the average monthly increase of 232,000 during the previous 12 months.
Changes in the number of jobs in the non-farm sector for March have been revised to 5,000, to 310,000 new jobs, while changes for April have been revised to fall by 10,000, to 165,000 new jobs.
After taking into account the revision, the total employment opportunities reported in March and April this year were 15,000 lower than previously reported figures.
In February, the US unemployment rate rose to 3.9%, which is the highest level in the last two years. This figure then fell slightly to 3.8% in March. In April, the unemployment rate rose again slightly to 3.9%.
The department previously stated that the unemployment rate had been in the range of 3.7% to 3.9% since August 2023. The latest 4.0% unemployment rate is the highest figure since January 2022.
"The rise in the unemployment rate causes anxiety among labor economists who are worried that the slowing labor market could turn into a slump," according to a report from The New York Times.
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"Today's employment data will likely keep the Fed in wait and see mode at next week's meeting," wrote Sarah House and Michael Pugliese, economist at Wells Fargo Securities, in a column.
" Policymakers need to confirm some slower inflation reports over the summer before starting to cut interest rates in the fall, and all attention is currently being paid to the CPI report next week, which will be released on the same day as the end of the FOMC meeting," he concluded.
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