The U.S. Department of Labor released its Employment Situation numbers for the month of May early on Friday. The Bloomberg consensus estimate was 190,000 nonfarm payrolls, but it actually came in higher at 223,000. The unemployment rate more or less hit the mark at 3.8%, just below the expected 3.9%.
Among the major worker groups, the unemployment rates for adult men (3.5%), blacks (5.9%) and Asians (2.1%) decreased in May. The jobless rates for adult women (3.3%), teenagers (12.8%), whites (3.5%) and Hispanics (4.9%) changed little over the month.
The number of persons employed part time for economic reasons was essentially unchanged at 4.9 million in May.
Total nonfarm payroll employment increased by 223,000 in May, compared with an average monthly gain of 191,000 over the prior 12 months. Over the month, employment continued to trend upward in several industries, including retail trade (+31,000), health care (+29,000) and construction (+25,000).
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in May. The average hourly earnings for all employees on private nonfarm payrolls rose by eight cents to $26.92.
The change in total nonfarm payroll employment for March was revised up from +135,000 to +155,000, and the change for April was revised down from +164,000 to +159,000. With these revisions, employment gains in March and April combined were 15,000 more than previously reported. After revisions, job gains have averaged 179,000 over the past three months.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
