The latest jobs report for May shows a robust US economy, with a surge in job creation surpassing Wall Street predictions for the 14th consecutive month.
Latest data from the Bureau of Labor Statistics indicated that 339,000 nonfarm payroll jobs were added in May, significantly exceeding Bloomberg’s forecast of 195,000 jobs. This growth resulted in a slightly higher unemployment rate of 3.7%, as opposed to the predicted 3.5%. Monthly and yearly average hourly earnings matched and slightly missed expectations respectively, at a growth of 0.3% and 4.3%.
However, average weekly hours worked marginally fell short of the projected 34.4 hours at 34.3. Previous job gains for April and March were also revised up by 93,000 in total, underscoring a stronger employment landscape than previously believed.
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Sector-wise, business and services witnessed the largest growth, adding 64,000 jobs. Government roles expanded by 56,000, while the leisure and hospitality sector welcomed 48,000 new jobs, a majority of which were in food services and drinking places. The construction sector saw an addition of 25,000 jobs, surpassing its yearly average growth by 7,000 jobs.
Information for this briefing was found via the BLS and Bloomberg. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
