Key Points:
- Total nonfarm payroll employment rose by 390,000 in May as the unemployment rate was unchanged at 3.6%.
- Consensus among economists was a gain of 325,000 jobs.
- May’s job growth is the lowest since April 2021.
- In May, the unemployed population was essentially unchanged at 5.95 million but there were 11.4 million job openings in April.
- Employment in leisure and hospitality added 84,000 jobs, professional and business services rose by 75,000, transportation and warehousing added 47,000 jobs, construction increased by 36,000, and manufacturing increased by 18,000.
- In May, average hourly earnings for all employees on private nonfarm payrolls rose by $0.10 to $31.95.
- The average workweek for all private employees was unchanged for the third month in a row at 34.6 hours in May.
- The labor force participation rate was little changed at 62.3% in May.