Employers added 339,000 jobs in May, the Labor Department said in its monthly payroll report.
Hiring in the government was the second-biggest component behind the surprisingly strong jobs report. The sector hired 56,000 employees in May, with the biggest gains in local government, including education and state government ."Job growth in May was decisively titled towards higher paying jobs," said Joe Brusuelas, RSM chief economist.
Another big source of job creation in May was health care, which saw payrolls increase by 52,400. Hospitals accounted for the bulk of those gains, adding 19,600 workers. There were also substantial increases in nursing and residential care facilities , the office of physicians and home health care services . / AP Newsroom)
Leisure and hospitality, the hardest hit by the COVID-19 pandemic, also recorded another blowout month for job gains. The industry saw the bulk of the gains take place at bars and restaurants, which onboarded 33,100 employees in May. Performing arts, spectator sports, and related industries saw an increase of 10,600.
Hiring in other industries, including construction , transportation and warehousing , social assistance and retail trade also increased last month."Job growth remains robust in what is undeniably a historically tight labor market," Brusuelas said. "Despite notable headlines around layoffs the duration of unemployment stands near eight weeks which implies jobs remain plentiful and those that are displaced find employment, often at better wages, quite quickly.
Just two sectors of the economy shed jobs last month: Manufacturing, with a decline of 2,000, and information, which lost 9,000 positions.
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US employers added a strong 339,000 jobs in May as labor market stays durableU.S. employers added a robust 339,000 jobs in May in a sign of a still-healthy labor market despite the Fed's rate hikes. See the numbers.
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US employers added a strong 339,000 jobs in May as labor market stays durableU.S. employers added a robust 339,000 jobs in May in a sign of a still-healthy labor market despite the Fed's rate hikes. See the numbers.
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US employers added a strong 339,000 jobs in May as labor market stays durableThe nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of strength in an economy that the Federal Reserve is desperately trying to cool. The unemployment rate rose to 3.7%, from a five-decade low of 3.4% in April. The stronger hiring demonstrates the job market’s resilience after more than a year of rapid interest rate increases by the Fed. Many industries, from construction to restaurants to health care, are still adding jobs to keep up with consumer demand and restore their workforces to pre-pandemic levels.
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