According to the Bureau of Labor Statistics’ latest jobs report on Friday, the U.S. labor market saw unexpected job growth in May.
Nonfarm payrolls increased by a seasonally adjusted 172,000 for the period, slightly less than the upwardly revised 179,000 in April and well above the estimate of 80,000. The unemployment rate remained steady at 4.3%, as expected.
Leisure and hospitality topped all sectors with 70,000 jobs, significantly exceeding the average of 14,000 per month over the past year. Local government added 55,000.
Health care added 35,000 new hires, roughly in line with its average. Social assistance increased by 12,000.
Average hourly earnings increased 0.3% for the month and rose 3.4% over the past year.
In addition to the strong job numbers for May, the BLS revised figures for previous months, with April’s tally increasing by 64,000 and March’s revised upward to 214,000, a gain of 29,000.
The report was issued with subdued expectations as employers stay cautious in a market with low hiring and firing activity.
“The hiring recession is over. American firms are hiring again,” said Heather Long, chief economist at Navy Federal Credit Union. “This is a strong jobs report from every angle.”
Read our exclusive interview with Dietrich Kuhlmann, President and CEO of Navy Federal Credit Union
By CEO NA Editorial Staff
