Posted on 06/07/2024 5:51:25 AM PDT by Miami Rebel
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.
At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022. The increase came even though the labor force participation rate decreased to 62.5%, down 0.2 percentage point. However, the survey of households used to compute the unemployment rate showed that the level of people who reported holding jobs fell by 408,000.
Job gains were concentrated in health care, government and leisure and hospitality, consistent with recent trends. The three sectors respectively added 68,000, 43,000 and 42,000 positions. The three sectors accounted for more than half the gains.
Other significant growth areas came in professional, scientific an technical services (32,000), social assistance (15,000) and retail (13,000).
Regarding wages, average hourly earnings were higher than expected as well, rising 0.4% on the month and 4.1% from a year ago. The respective estimates were for increases of 0.3% and 3.9%.
Full time April 133,889
Full time May 133,264
Part time April 27,718
Part time May 28,004
I don't see how that comes out to a gain of 272,000.
You can’t trust the numbers they give out anymore.
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