Market Updates
Nonfarm Payrolls In May Expanded by 272,000, Jobless Rate Edged Higher to 4.0%
Brian Turner
07 Jun, 2024
New York City
Nonfarm payrolls increased by 272,000 in May from the downwardly revised 165,000 in April, higher than the monthly average of 232,000 in the last 12 months.
In May, employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.
Average hourly wages increased 0.4%, or 14 cents, to $34.91 and edged up 4.1% over the last year, the U.S. Bureau of Labor Statistics reported Friday.
Both the unemployment rate, at 4.0%, and the number of unemployed people, at 6.6 million, changed little in May; a year ago, the jobless rate was 3.7%, and the number of unemployed people was 6.1 million.
The jobless rate increased despite the surge in employment in the last several months because the expanding labor market is attracting more people to look for jobs, increasing the jobless rate.
Both the labor force participation rate, at 62.5%, and the employment-population ratio, at 60.1%, barely budged in May.
These measures showed little change over the year.
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