Job gains occurred in health care and mining. The labor force participation rate dropped slightly to 62.7 percent. The highest employment rate was found in El Centro, California at 19.2 percent. Economists expected 184,000 new jobs and a jobless rate of 4.4%. It's only when employers face a shallow pool of job applicants that they tend to feel compelled to raise pay in hopes of hiring people who fit their needs.
"Some states are already at 3.5 or 3.8 percent [unemployment]". May's job gains marked a sharp deceleration from the 181,000 monthly average over the past 12 months.
According to a Reuters survey of economists, payrolls likely increased by 185,000 jobs in May after a gain of 211,000 in April. Workers unemployed for less than 14 weeks fell 356,000, while the number of long-term unemployed, those jobless for 27 weeks or more, rose to 1.7 million and accounted for 24.2% of the unemployed. The food services sector added 30,000 jobs, bringing its year over year increase to 267,000.
In May, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.22.
Coal mines added 400 jobs in May. The new unemployment numbers are the lowest in ten years, according to the Associated Press.
Express Employment Professionals puts people to work. Government employment also fell.
Durable goods manufacturing added 2,000 jobs, while nondurable goods lost 3,000.
The figure was lower than expected after a vigorous April report, but the number of Americans seeking unemployment benefits continues to remain near a 43-month low.
Construction added 11,000 jobs in May, with 7,200 of them in heavy and civl engineering, and 5,500 in building construction. For the year to date, the economy has added +810,000 new jobs, which means average job creation for the year so far now stands at 162,000 per month. Average monthly job growth so far this year is now 162,000, compared with 178,000 in 2016.
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Retailers' struggles still pale in comparison to the challenges they faced during the 2008-09 recession, when the industry cut more than a million jobs over two years.
The jobs report was the last major economic indicator to be released before Federal Reserve monetary policymakers gather in Washington on June 13 to decide whether to raise their key short-term interest rate.
The May figures indicate the US economy remains strong, and suggest a likely increase in the Federal Reserve's benchmark rate, later in June.
The unemployment rate edged down to 4.3 percent in May, the lowest level in 16 years.
Analysts were split over whether the May report was encouraging or disappointing. The latest reading on payrolls is within a reasonable deviation of the recent trend, he said.
David Berson, chief economist for Nationwide, was much more negative.
But U.S. employment growth is actually slowing. But the tiny gains that had been made were knocked off this month, suggesting that fewer dropouts were dropping back in. Many economists say the U.S.is close to reach full employment. The government also revised down Friday its estimate of job growth in March and April by a combined 66,000.
The 2016 May jobs report stunned everyone when the US only added 38,000 jobs (it was later revised up a little). "It's inevitable that we would start to see a slowdown in the payroll numbers".
May's job growth was down from 174,000 the previous month. "The working-age population is growing too slowly to support that". It increased its key interest rate in December and March.