The report released by the US Bureau of Labor Statistics just moments ago showed that the US economy added 139,000 jobs in May, compared to 177,000 in March’s revised reading, which was better than market expectations of 126,000 jobs added.
Conversely, the unemployment rate remained at 4.2% in May, matching expectations, while the labor force participation rate declined to 62.4% from 62.6% in April.
Hourly wages rose in May to 0.4% on a monthly basis, compared to 0.3% in April, matching expectations. On an annual basis, they rose to 3.9%, compared to 3.8% in April. Expectations were unchanged from the April reading. In sectoral detail, the goods-producing sector lost approximately 5,000 jobs, the manufacturing sector lost 8,000 jobs, the construction sector added 4,000 jobs, the transportation and warehousing sector added 5,800 jobs, and the services sector added approximately 145,000 jobs. The healthcare sector added 62,000 jobs, which exceeds the average monthly increase over the past 12 months, and the leisure and hospitality sector added 48,000 jobs.