Unemployment Ticks Up as Job Growth Beats Expectations

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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.

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Job Growth Exceeds Expectations Despite Mass Layoffs

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The U.S. added 353,000 nonfarm payroll jobs in January as the unemployment rate remained at 3.7%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 180,000 jobs in January compared to the 216,000 that were added in December and that the unemployment rate would tick up to 3.8% from 3.7%, according to Reuters. Despite the job gains, American employers cut 82,307 positions in January, a 136% jump from the previous month, amid a wider trend of layoffs as factors like high inflation continue to hurt business conditions.

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Almost a Quarter of All Jobs Added in 2023 Didn’t Actually Exist

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The original number of jobs reported by the federal government in 2023 was revised down by a total of 749,000 jobs, meaning nearly one-fourth of jobs thought to be created in the year were not actually there, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.

The sum of the initial estimate from each of the government’s monthly job growth reports in 2023 totaled 3,140,000 new jobs, with later reports revising down the number of jobs added by a collective 443,000, according to the BLS. The BLS also announced in August a revision in total employment for March, subtracting another 306,000 jobs.

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