Surprise rise in new jobs in America in big boost for US economy – so why is the stock market going down?

Employers added 272,000 jobs in May, according to the latest jobs report released Friday.

This was higher than the 190,000 that economists had predicted.

However, the unemployment rate has risen slightly to 4 percent – ​​the first time this threshold has been exceeded since January 2022.

Stock futures fell after the report – which was bad news for 401(K)s invested in the stock market.

Investors had been waiting on the payrolls data for more clues about the state of the U.S. economy and when the Federal Reserve might start cutting interest rates.

While the data refuted concerns about a slowdown in the labor market, they signaled a lower chance of a rate cut at the Fed’s meeting next week.

This is a breaking news story. More to follow.