The Bureau of Labor Statistics (BLS) reported that total nonfarm payroll employment increased by 339,000 in May, and unemployment rose 0.3 percentage points to 3.7%.
With this data, it is recorded that the United States economy continues to generate jobs in May, exceeding expert projections and marking the twenty-ninth consecutive month of positive job growth in the country.
In the fifth month of the year, 339,000 net jobs were created, 86,000 more than in April, at a time when the effects that the Federal Reserve’s interest rate hikes are having on the labor market are being closely analysed. (Fed) to curb inflation.
The unemployment rate increased by 0.3 percentage points to 3.7% in May, and the number of unemployed increased by 440,000 to 6.1 million. The unemployment rate has fluctuated between 3.4% and 3.7% since March 2022.
Among the major groups of workers, the unemployment rates for adult women (3.3%) and African Americans (5.6%) increased in May. Unemployment rates for adult men (3.5%), teens (10.3%), whites (3.3%), Asians (2.9), and Hispanics (4%).
The number of people losing jobs and people completing temporary jobs increased by 318,000 to 3.0 million in May, offsetting a decline in the prior month.
The number of people out of work for 15 to 26 weeks increased by 179,000 to 858,000 in May. The number of long-term unemployed (those out of work for 27 weeks or more) was essentially unchanged at 1.2 million and represented 19.8% of the total jobless.
The number of people employed part-time for economic reasons, at 3.7 million. These people, who would have preferred full-time employment, were working part-time because their hours had been reduced or because they couldn’t find full-time jobs.
Keep reading:
· The US will have a decrease in labor productivity in 2023, says The Conference Board
Labor alert: Reduced flexibility of remote work could lead to a wave of government resignations
· The states most in need of workers in the US: Where will you find job opportunities?