May Employment Rose by 390K, Unemployment Rate Steady at 3.6%

Washington, DC, June 3, 2022-Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6%, the U.S. Bureau of Labor Statistics reported.

Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined.

“The U.S. economy added jobs at a solid pace in May, extending the labor market’s long stretch of gains,” reports the Wall Street Journal.

“Employers added 390,000 last month, the Labor Department said Friday. That was the slowest pace of growth since April of last year, a 12-month period that saw job gains average 552,000 a month.

“Still, the May total was well above the average number of new jobs created in the 12 months to February 2020, when the Covid-19 pandemic became widespread in the U.S.

“The unemployment rate remained at 3.6%, slightly above where it stood before the pandemic became widespread in the U.S. in February 2020.

“Wages grew 5.2% on the year, the department said, down from 5.5% in April.

“Payrolls grew the most in leisure and hospitality in May, reflecting a shift in consumer demand from goods to services as pandemic restrictions fade. Professional, business services, transportation and warehousing businesses also posted solid gains.”