by Calculated Risk on 6/02/2023 08:41:00 AM
Friday, June 02, 2023
May Employment Report: 339 thousand Jobs, 3.7% Unemployment Rate
From the BLS:
Total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, government, health care, construction, transportation and warehousing, and social assistance.
...
The change in total nonfarm payroll employment for March was revised up by 52,000, from +165,000 to +217,000, and the change for April was revised up by 41,000, from +253,000 to +294,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported.
emphasis added
The first graph shows the jobs added per month since January 2021.
Total payrolls increased by 339 thousand in May. Private payrolls increased by 283 thousand, and public payrolls increased 56 thousand.
Payrolls for March and April were revised up 93 thousand, combined.
Payrolls for March and April were revised up 93 thousand, combined.
In May, the year-over-year change was 4.06 million jobs. Employment was up significantly year-over-year.
The third graph shows the employment population ratio and the participation rate.
The Employment-Population ratio declined to 60.3% from 60.4% (blue line).I'll have more later ...