One chart reveals the job opportunities for May 2024.

• The U.S. economy surpassed expectations by adding 272,000 jobs in a month, despite the Dow Jones consensus forecast of only 190,000.
• Several industries experienced a rise in employment this month, with health care leading the way, followed by government and hospitality. These sectors accounted for more than half of the month's total gains.
• Meanwhile, department stores and furniture and home furnishings retailers experienced job losses.

The unexpectedly strong job growth in May alleviated concerns of a broader economic slowdown, potentially delaying the Federal Reserve's rate-cutting plan.

The U.S. economy surpassed expectations by adding 272,000 jobs in the month, which is higher than the Dow Jones consensus estimate of 190,000 and also above the average monthly gain of 232,000 over the past year, as reported by the U.S. Bureau of Labor Statistics.

In May, several industries experienced a rise in employment, with health care leading the way, followed by government and hospitality. The three sectors added a combined total of 153,000 jobs, which is similar to the trends seen over the past year. These sectors accounted for more than half of the month's total gains.

The professional, scientific, and technical services sector experienced significant growth in May, with an addition of 32,000 jobs, surpassing the average monthly gain of 19,000 over the past year.

While social assistance employment increased by 15,000 jobs last month, below the sector's average of 22,000 jobs per month, department stores and furniture and home furnishings retailers experienced job losses.

The report indicates that employment in major industries such as oil and gas extraction, construction, manufacturing, information, and financial activities remained unchanged over the month.

The Federal Reserve's decision to cut rates in June disappointed investors, who were disheartened by the report's indication of a strong consumer due to job growth and above-average wage growth.

According to Sonu Varghese, global macro strategist at Carson Group, who spoke on Friday, recent job growth has been driven by non-cyclical areas such as health care and government, while cyclical areas like leisure and hospitality have been strong. This trend is likely to keep the Fed in a holding pattern, with the first cut coming only in September, assuming we continue to see softer inflation.