TBA Law Blog


Posted by: Julia Wilburn on Jun 7, 2024

According to new data from the Department of Labor, the U.S. economy added 272,000 jobs in May, and the unemployment rate rose slightly up to 4%, reports The Hill. Economists had predicted an additional 185,000 jobs and maintaining April's 3.9% unemployment rate. The Federal Reserve will vote next week on interest rates. The central bank has maintained rates at a range of 5.25% to 5.5% since July 2023 in an effort to curb inflation, which fell to 3.4% in April from its 40-year high of 9.1% in June of 2022. “After a lower-than-expected April jobs report, the labor market bounced back, revealing its ongoing strength,” Joe Gaffoglio, president of Mutual of America Capital Management, said in a statement.