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Home Economy

272,000 jobs added in May, unemployment rate edged up to 4.0%

June 7, 2024
Reading Time: 2 mins read
272,000 jobs added in May, unemployment rate edged up to 4.0%

Total nonfarm payroll employment rose by 272,000 in May and the unemployment rate edged up to 4.0%, the U.S. Bureau of Labor Statistics reported.

Jobs gained occurred in healthcare, government, leisure and hospitality and professional, scientific and technical services.

Healthcare added 68,000 jobs in May, in line with the average monthly gain of 64,000 over the prior 12 months. Employment growth continued in ambulatory health care services (+43,000), hospitals (+15,000), and nursing and residential care facilities (+11,000).

Government employment continued to trend up in May (+43,000), in line with average monthly growth over the prior 12 months (+52,000).

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).

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.

Social assistance employment continued to trend up in May (+15,000), primarily in individual and family services (+11,000). Over the prior 12 months, social assistance had added an average of 2,000 jobs per month.

In May, employment in retail trade continued to trend up (+13,000), about in line with the average monthly gain over the prior 12 months (+8,000). Building material and garden equipment and supplies dealers added 12,000 jobs in May, while job losses occurred in department stores (-5,000) and furniture and home furnishings retailers (-4,000).

Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; extraction; construction; manufacturing; wholesale trade; transportation and warehousing; information, financial activities; and other services.

Read the BLS release.

Tags: Nonfarm jobs
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