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U.S. adds a much-better-than-expected 272,000 jobs in May, but unemployment rate edges up to 4%

U.S. job gains totaled 272,000 in May, much more than expected

The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.

Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000, the Labor Department’s

Friday.

At the same time, the unemployment rate rose to 4%, the…

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