May labor report: surpassing economists’ expectations

Addison Group May labor report recap

In May, the U.S. labor market added a better-than-expected 272,000 new jobs, according to the Bureau of Labor Statistics. The unemployment rate ticked up slightly to 4% compared to 3.9% in April. The number in the latest report shows continued growth in the labor market despite sticky inflation and high interest rates.

Nonfarm payroll employment, over-the-month change, seasonally adjusted, May 2022 - May 2024

Leisure and hospitality, healthcare, government, and professional and business services saw the most significant job gains in May.

Professional and business services added 33,000 new roles this month. This number is well above the average monthly gain of 19,000 jobs over the past 12 months.

Government trended upward, with 43,000 new jobs added in May.

In May, healthcare continued to have substantial job gains, with 68,000 roles added. This falls in line with the average monthly gain of 64,000 new jobs in the past year.

The leisure and hospitality industry saw 42,000 new roles added this month. This slightly exceeds the average monthly gains of 35,000 new roles each month.

The May labor report surpassed economists’ expectations of 180,000 new roles and shows resilience in the job market.

With summer starting, hiring is heating up! For more than 20 years, Addison Group has focused on quality, not quotas. It means we work with you to get detailed insights into your teams so we can find people who fit, not just who’s available. Connect with us today!

Download the May labor report

Source: May 2024 Monthly Jobs Report, Bureau of Labor Statistics

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