Job Growth Beats Expectations

By Staff Writer June 09, 2024 169

Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4.0%, according to the U.S. Bureau of Labor Statistics. Employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.

The number of long-term unemployed (those jobless for 27 weeks or more), at 1.4 million, changed little in May. The long-term unemployed accounted for 20.7% of all unemployed people. Both the labor force participation rate, at 62.5%, and the employment-population ratio, at 60.1%, were little changed in May. These measures showed little change over the year. The number of people employed part time for economic reasons, at 4.4 million, changed little in May. 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.

Rate this item
(0 votes)
Last modified on Thursday, 13 June 2024 19:29