The report issued by the United States Bureau of Labor Statistics, moments ago, showed that 339,000 jobs were added in May, compared to the addition of 294,000 jobs in the revised April reading, to come better than market expectations, which indicated the creation of 190,000 jobs.
On the other hand, the unemployment rate rose to 3.7% from 3.4%, higher than expected, despite the stability of the labor force participation rate at 62.6%. Average hourly earnings declined in May to 0.3% from 0.4% compared to April’s revised monthly rate, while it slowed to 4.3% year-on-year compared to 4.4% in April.
In the details of the sectors, the commodity production sector lost about 26,000 jobs, while the construction sector added 25,000 jobs, while the services sector, which includes the trade, transportation, utilities, activities, and information sectors, added about 257,000 jobs, and the manufacturing sector lost about 2,000 jobs.
01/11/2024
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