Economy Gains 75,000 Jobs in May; Unemployment Steady at 3.6%

Economy Gains 75,000 Jobs in May; Unemployment Steady at 3.6%

The U.S. economy gained 75,000 jobs in May, and the unemployment rate remained at 3.6%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Wage growth of 3.1% was lower than last month’s 3.4% and, a downward revision of 75,000 for the job numbers for March and April signals that the Federal Reserve’s Open Market Committee needs to inch down interest rates.

In response to the May job numbers, AFL-CIO Chief Economist William Spriggs tweeted:

 

 

 

 

 

 

 

Last month’s biggest job gains were in professional and business services (33,000), health care (16,000) and construction (4,000). Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government, showed little change over the month.

Among the major worker groups, the unemployment rates fell for blacks (6.2%). The unemployment rates for teenagers (12.7%), Hispanics (4.2%), adult men (3.3%), whites (3.3%), adult women (3.2%) and Asians (2.5%) showed little or no change in May.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in May and accounted for 22.4% of the unemployed.

Kenneth Quinnell
Fri, 06/07/2019 – 11:15

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Updated: June 14, 2019 — 12:54 am