May jobs report blows past forecasts as labor market remains hot

The U.S. labor market continues to simmer, with the economy adding significantly more jobs than expected in May, the Labor Department said on Friday.

Employment data on Friday showed an additional 272,000 jobs last month, exceeding forecasts of 180,000. 

The nation’s jobless rate rose slightly to 4%, breaking a 27-month stretch of being below that level.

More broadly, experts say the job market is consistent with an economy coming in for a “soft landing,” rather than plunging toward a recession. Layoffs have continued to be subdued and inflation, which flared earlier this year, has resumed its gradual descent.

—This is a developing story.