The U.S. economy added 339,000 jobs in May, according to the U.S. Department of Labor.
U.S. Assistant Secretary of Labor for Public Affairs Julie McClain Downey, in a statement, called the report “further confirmation that the economy continues its steady growth, and working families are benefiting from the economic policies of this administration.”
She added that the 3.7% unemployment rate is “within a low, narrow range that has remained consistent for more than a year, the longest sub-4% unemployment since the 1960s.”
McClain Downey said the 4.3% nominal annual wage growth translated to easing financial pressures on families.
“This is a strong and healthy report that securely places the economy in a resilient period of steady growth, where jobs in 10 large sectors of the economy are above their pre-pandemic levels,” she said. “Since President Biden took office, the nation has created 13.1 million new jobs, providing opportunities for good jobs with better conditions for workers and job-seekers across the country.”
Click here for the U.S. Bureau of Labor Statistics’ complete report.
The Wall Street Journal reported that the U.S. economy has added more than 1.5 million jobs this year, though the Federal Reserve is on the fence about whether to hold interest rates steady at a meeting this month. Fed chairman Jerome Powell and some colleagues are considering skipping a June rate increase.
According to the WSJ, the report still showed underlying signs of weakness. Unemployment rose for women and Black Americans. And the average work week fell to 34.3 hours, the lowest since April 2020, so average weekly earnings advanced at a slower rate than hourly earnings.
Americans who are actively seeking jobs remained flat in May at 62.6%. Among workers ages 25 to 54, the participation rate rose to 83.4%, a level not seen since 2007. In May, professional and business services led the way, adding 64,000 jobs, followed by healthcare at 52,000. Government employment increased by 56,000, construction firms added 25,000 jobs, and warehousing payrolls increased by 24,000. Restaurants and bars added 34,000 jobs.
