There was a mixed picture of the jobs market last week despite the upside surprise to the May NonFarm Payroll report. The U.S. saw an increase of 272,000 jobs with gains concentrated in the health care, government, and hospitality sectors; however, the unemployment rate rose to 4% for the first time in over two years. Wages also came in higher than expected with a monthly increase of 0.4%, the highest level since January. Earlier in the week, the April JOLTS report, noted the level of job openings had declined to a three-year low.