The month of May has been interesting when it comes to employment. Job creation has decreased to 138,000 positions from the expected 185,000. But the good news is unemployment has fallen to 4.3%, the lowest it has been in 16 years! Here are some of the highlights for the month of May.
BROAD OVERVIEW
- Unemployment decreased from 4.4% to 4.3%
- Wages stayed the same at 2.5%
- The economy created a total of 138,000 jobs
DEMOGRAPHICS
- Unemployment for adult men decreased by 0.1%
- Unemployment for adult women increased by 0.1%
- Unemployment for Whites and Hispanics decreased by 0.2%, African Americans increased by 0.1%, and Asians remained the same for this month
EMPLOYMENT BY EDUCATION
- Unemployment for persons with a high school diploma decreased by 0.1%
- Unemployment for persons without a high school diploma decreased by 0.4%
- Unemployment for persons with a bachelor’s degree or higher decreased by 0.1%
UNEMPLOYMENT % BREAKDOWN BY INDUSTRY (COMPARED TO LAST YEAR)
- Manufacturing had 0% change from April
- Constructing increased by 0.2%
- Wholesale and retail had 0% change from April
- Transportation and utilities increased by 0.1%
- Professional and business services decreased by 0.2%
- Government unemployment had 0% change from April
Overall, the economy hiring has started to slow down from April, even though unemployment is still at its lowest. Forecasted job creation numbers have decreased to 138,000 positions from the expected 185,000. Employers are in a position where they will have to pay fair wages in order to hire workers and keep turnover rates low.
If you would like more information, check out the Jobs Report Summary.
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