Article Summary –
In May, employment saw gains in several industries, including health care, government, leisure and hospitality, as well as professional, scientific, and technical services. Wage growth also continued, with average hourly earnings rising by 4.1 percent over the past year. Meanwhile, the unemployment rate stands at 4.0 percent.
Wage Growth and Work Hours
In May, the average hourly earnings for all employees on private nonfarm payrolls rose by 14 cents to $34.91, marking a 4.1 percent increase over the past year.
Robust Employment Growth Across Key Sectors
The U.S. economy continues to show strength, with total nonfarm payroll employment rising by 272,000 in May, exceeding the average monthly gain of 232,000 over the past year. The unemployment rate held steady at 4.0 percent. Key sectors such as health care, government, leisure and hospitality, and professional services saw a continued increase in employment.
Steady Unemployment and Workforce Participation
The unemployment rate, at 4.0 percent in May, changed little. The labor force participation rate stood at 62.5 percent, and the employment-population ratio was 60.1 percent. Both measures showed little change over the year. The number of people employed part-time for economic reasons was 4.4 million, reflecting stable part-time employment trends.
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