Fed rate cut 'off the table' as US economy adds 272,000 jobs

Unemployment rate hits 4%

The US economy beat forecasts by adding 272,000 jobs in May, but unemployment ticked up to 4%, according to figures by the US Department of Labor.

This marks an increase in the 175,000 pace notched in April and a higher average monthly gain than the 232,000 over the past twelve months. Wall Street had forecast an increase of around 185,000 jobs. The May employment report also revealed a slight stimulation of average hourly earnings growth from 0.2% in April to 0.4% in May. This means that the average hourly earnings have increased by 4.1% over the past twelve months.  Richard Carter, head of fixed interest research at Quilter Cheviot, said: "With average hourly earnings also continuing to trend upwards in the US, this data has t...