US jobs grew much faster than expected in May, raising the possibility that the Federal Reserve will not start cutting interest rates until September at the earliest. In addition, the unemployment rate rose to 4.0% from 3.9% in April, breaking the previous record of remaining below 4% for 27 consecutive months. Although the job market has softened in recent months, its solid performance has allowed the Fed to take its time in deciding when to start lowering borrowing costs. The Fed is expected to leave its base rate unchanged next week, although there have been other recent signs that the job market may be starting to ease more steadily.