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Unemployment Rate Flat in May

By Staff Writer June 06, 2022 210

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 June 3. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined.

In May, the unemployment rate was 3.6% for the third month in a row, and the number of unemployed persons was essentially unchanged at 6.0 million. These measures are little different from their values in February 2020 (3.5% and 5.7 million, respectively), prior to the coronavirus (COVID-19) pandemic

Among the major worker groups, the unemployment rate for Asians declined to 2.4% in May. The jobless rates for adult men (3.4%), adult women (3.4%), teenagers (10.4%), Whites (3.2%), Blacks (6.2%), and Hispanics (4.3%) showed little or no change over the month.

Among the unemployed, the number of permanent job losers remained at 1.4 million in May. The number of persons on temporary layoff was little changed at 810,000. Both measures are little different from their values in February 2020.

In May, the number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.4 million. This measure is 235,000 higher than in February 2020. The long-term unemployed accounted for 23.2% of all unemployed persons in May.

Both the labor force participation rate, at 62.3%, and the employment-population ratio, at 60.1%, were little changed over the month. Both measures are 1.1% age points below their February 2020 values.

The number of persons employed part time for economic reasons increased by 295,000 to 4.3 million in May, reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.

The number of persons not in the labor force who currently want a job was little changed at 5.7 million in May.

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Last modified on Monday, 13 June 2022 11:50

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