The U.S. economy added 139,000 jobs in May, according to data published Friday by the Bureau of Labor Statistics. The number slightly beat expectations; economists had estimated that only 130,000 jobs were added.
The unemployment rate held steady at 4.2 percent, continuing a year-long trend of hovering between 4.0 and 4.2 percent.
Wage growth continued to outpace inflation. Average hourly earnings improved by 0.4 percent (15 cents) and have increased by 3.9 percent over the past twelve months. This outpaces April’s wage growth, which saw hourly earnings rise by only 6 cents.
The leisure and hospitality industry saw the largest increase in jobs in May, with 48,000 jobs added. Of these, 30,000 were created in “food services and drinking places.” By contrast, the largest gains in April were located in healthcare, transportation, and warehousing.
Labor force participation declined slightly to 62.4 percent in May. Federal employment (excluding those on paid leave) declined by 22,000, with the federal government cutting 59,000 jobs since January.
The number of jobs created in April was revised down to 147,000 from the 177,000 that the Bureau estimated in last month’s report.
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Author: Mason Letteau Stallings
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