Employment in America continues to expand strongly and steadily, according to the May Employment Situation report released by the Labor Department this morning. Payroll employment rose by 248,000 in May, and the unemployment rate held steady at the low rate of 5.6 percent. This follows increases in payroll jobs of 346,000 in March and 353,000 in April.it sure the fuck is.
In sum, the economy has added 947,000 payroll jobs over the last three months, its strongest 3-month showing since May 2000. This caps nine straight months of payroll gains, which are slowly catching up to the household survey’s earlier signs of a surge (see Chart 1).
Improvements are again broad-based, with no major sectors showing any weakness. Especially notable have been gains in manufacturing and construction. Manufacturers added 32,000 jobs in May, up 91,000 since January. And for the first time in several months, the manufacturing workweek lengthened in May. The construction sector added 37,000 jobs, capping several months of strong growth.
Service industries added 176,000 workers, with gains across all subsectors except government, which shed 27,000 workers. Once again, business services led the pack, which is to be expected in a growing, flexible economy.
Wages continued their upward trend in May, tacking on an additional 5 cents per hour. For the year, hourly earnings are up 2.2 percent so far. Total private average weekly earnings are up $9.51 for the year to date.
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posted by dhoyt at 8:32 AM on June 3, 2004