May labor report: surpassing economists’ expectations
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.
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.
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Source: May 2024 Monthly Jobs Report, Bureau of Labor Statistics
