Payrolls rose 339,000 in May, much better than expected in resilient labor market

  • 📰 CNBC
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 72%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

The U.S. economy continued to crank out jobs in May, with nonfarm payrolls surging more than expected despite multiple headwinds, the Labor Department reported Friday. Read more:

Payrolls in the public and private sector increased by 339,000 for the month, better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth.

"The U.S. labor market continues to demonstrate grit amid chaos – from inflation to high-profile layoffs and rising gas prices," said Becky Frankiewicz, president and chief commercial officer of Manpower Group. "With 339,000 job openings, we're still rewriting the rule book and the U.S. labor market continues to defy historical definitions."

Other notable gainers included leisure and hospitality , construction , and transportation and warehousing .Despite the big jobs gain, the unemployment rate increased due in large part to a sharp decline of 369,000 in self-employment. That was part of an overall drop of 310,000 counted as employed in the household survey, which is used to calculate the unemployment rate and generally is considered more volatile than the survey of establishments used for the headline payrolls number.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nonfarm Payrolls Preview: Banks expect labor market to lose momentum only slowlyThe US Bureau of Labor Statistics (BLS) will release the May jobs report on Friday, June 2 at 12:30 GMT and as we get closer to the release time, here
Source: FXStreetNews - 🏆 14. / 72 Read more »

Biggest Movers: ADA Snaps Losing Streak as Nonfarm Payrolls Beat Expectations – Market Updates Bitcoin NewsCardano ended a four-day losing streak on Friday, as markets responded to the latest U.S. nonfarm payrolls (NFP) report.
Source: BTCTN - 🏆 531. / 51 Read more »