May Labor Report Recap
According to the latest labor report from the Bureau of Labor Statistics, we’re seeing a substantial number of new jobs added, with 339,000 jobs added in May 2023. This is an increase of 86,000 new jobs added in May compared to April 2023. However, the unemployment rate increased to 3.7% compared to last month’s 3.4%.
Professional and business services, government, healthcare, construction, transportation and warehousing, and social assistance were the industries that saw the most growth this month.
The healthcare industry added 52,000 new jobs in May, close to their average growth of 50,000 new roles each month.
This month, the professional and business services industry is seeing incredible growth with 64,000 new jobs added compared to 43,000 in April.
With a spike in the number of jobs added in May, the report shows that things are looking up in the labor market.
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Source: May 2023 Monthly Jobs Report, Bureau of Labor Statistics