In May, the U.S. economy experienced a growth of 139,000 jobs, as reported by the Bureau of Labor Statistics on Friday. This figure exceeded predictions, with experts forecasting only 130,000 new jobs.
The unemployment rate remained stable at 4.2 percent, continuing its trend of fluctuating between 4.0 and 4.2 percent over the past year.
Wage growth is exceeding inflation rates, with average hourly earnings rising by 0.4 percent (or 15 cents). In the last year, wages have increased by 3.9 percent, surpassing the modest wage growth in April, which was just a 6-cent rise.
The leisure and hospitality sector led job growth in May, adding 48,000 positions. Notably, 30,000 of these jobs came from the “food services and drinking places” sector. In contrast, April’s job gains were primarily found in healthcare, transportation, and warehousing.
Labor force participation dipped slightly to 62.4 percent in May, and there was a decrease of 22,000 in federal employment (excluding those on paid leave), with a total of 59,000 federal jobs lost since January.
The previously reported figure of 147,000 jobs created in April was adjusted downward from the 177,000 initially estimated by the Bureau in the last report.
