US jobs report shows surge in hiring
Newsflash: The US economy added 272,000 jobs in May, much more than expected.
That’s a rather stronger report than economists had expected – with Wall Street having forecast an increase of around 185,000 jobs. The latest non-farm payroll report shows that employment continued to trend up in health care; government; leisure and hospitality; and professional, scientific, and technical services.
The US Bureau of Labor Statistics also reports that the US unemployment rate rose to 4% in May, from 3.9% in April.
Here’s a breakdown on where the US economy added jobs last month, from the Bureau for Labour Statistics:
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Health care added 68,000 jobs in May, in line with the average monthly gain of 64,000 over the prior 12 months. In May, employment growth continued in ambulatory health care services (+43,000), hospitals (+15,000), and nursing and residential care facilities (+11,000).
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Government employment continued to trend up in May (+43,000), in line with the average monthly growth over the prior 12 months (+52,000).
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Employment in leisure and hospitality continued to trend up in May (+42,000), similar to the average monthly gain over the prior 12 months (+35,000). Employment in food services and drinking places continued to trend up over the month (+25,000).
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Professional, scientific, and technical services added 32,000 jobs in May, higher than the average monthly gain of 19,000 over the prior 12 months. Over the month, employment increased in management, scientific, and technical consulting services (+14,000) and in architectural, engineering, and related services (+10,000). Specialized design services lost 3,000 jobs.
R&I – TP
PragDem