Key Points:
- Total nonfarm payroll employment rose by 559,000 in May as the unemployment rate fell by 0.3% to 5.8%.
- This is the fifth month of job gains after payrolls fell steeply in December.
- Nonfarm employment is down by 7.6 Million, or 5.0%, from pre-pandemic levels in February 2020.
- Employment in leisure and hospitality increased by 292,000, as pandemic- related restrictions continue to ease in many parts of the country.
- Manufacturing employment rose by 23,000, but is still down 509,000 from its level in February 2020.
- Construction employment fell in May by 20,000, and is 225,000 lower than February 2020.
- In May, average hourly earnings for all employees on private nonfarm payrolls increased by 15 cents to $30.33.
- The average workweek for all private employees remained stable for the third month in a row at 34.9 hours in May.
- The labor force participation rate was little changed at 61.6% in May and is 1.7% lower than February 2020.