June 7, 2022
In May, nonfarm payrolls climbed by 390,000, exceeding the Dow Jones forecast of 328,000 in the U.S.
The unemployment rate remained at 3.6 percent, but the overall unemployment rate increased to 7.1 percent.
Average hourly earnings increased by 5.2 percent from a year earlier, little less than predicted.
Gains were led by leisure and hospitality, followed by professional and commercial services, warehousing and transportation, and finally warehousing and transportation.
Despite predictions of an economic downturn and a soaring rate of inflation, the US economy added 390,000 jobs in May, which was better than projected, according to the Bureau of Labor Statistics.
Simultaneously, the jobless rate remained unchanged at 3.6 percent, just above the lowest level since December 1969.
The growth in average hourly earnings was 0.3 percent in April, somewhat less than the 0.4 percent forecast. Wage growth of 5.2 percent year over year was in line with predictions.
Despite the job gains, the BLS household poll revealed that the labor market has yet to fully recover from the pandemic’s job losses. Total employment is still 440,000 lower than it was before Covid.
Source: CNBC
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