Labor Market Added Staggering 339,000 Jobs Last Month—But Unemployment Rate Rose To 3.7%

as the Federal Reserve decides whether it should pause its aggressive campaign to tame rising prices for the first time in more than a year.Total employment increased by 339,000 in May—far exceeding economist projections of 190,000 after gains in April also unexpectedly climbed, according to dataThe unemployment rate, meanwhile, ticked up to 3.7% from 3.4% in April—well above average projections of 3.5%.

So why the disparity? The government relies on a survey of establishments, or companies, to gauge the monthly change in employment, whereas it surveys households, or individuals, to determine the unemployment rate; this household survey showed the number of employed people fell by 310,000 last month.

According to the Labor Department, the establishment survey will count employees working at more than one job separately for each appearance, while the household survey will only count each person once—no matter how many jobs they have—because it surveys individuals. In a morning note, Vital Knowledge founder Adam Crisafulli said it seems the data is still being skewed “enormously” by Covid-linked distortions, creating mixed signals about the economy.hitting some of the nation’s largest tech employers, the unemployment rate fell to a 54-year low of 3.4% in January and has remained near historically low levels this year.

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