138,000 Jobs Added in May

Posted: Jun 02  |  By: Parker + Lynch

The Latest From the BLS Employment Report:

The U.S. economy added 138,000 jobs last month.  With the release of this month’s BLS report, the employment situation shows a steady recovery. Unemployment has now reached a 16-year low. The rate dropped to 4.3% in May — its lowest level since May 2001. So far this year, the U.S. has added 810,000 jobs. Since February, the first jobs report under President Trump, the U.S. has gained 594,000 jobs.

Economists’ predictions

Ahead of this month’s report, economists predicted a bump of 185,000 jobs. While slightly below this number at 138,000, the number of jobs added positively contributed to the overall employment rate. Federal Reserve officials indicated last week a rate hike would be likely if the economy stayed on track. And as the rate drop exceeded expectations, the jobs numbers likely clear the path for the Federal Reserve to raise interest rates later this month.

138,000 jobs added in May

Numbers are seasonally adjusted. Source: BLS.gov

This Month’s Jobs Report

Let’s break down the numbers from this month’s jobs report

In May, hourly wages increased by $0.04 to $26.22 per hour, following a 5 cent increase in April. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight downtick to 4.3 percent.

Wages

  • $26.22 May
    • 0.04 month-over-month
    • 2.5% year-over-year
  • $26.18 April

Unemployment

  • 4.3% May
    • -0.1% month-over-month
  • 4.4% April

National Unemployment Rate

May 2015-2017

Source: BLS.gov

In-Depth Look: Our Industries

Let’s take a look at how the Accounting and Finance industry is performing.

Finance and insurance

  • Month-over-month change: 6,700
  • 107,900 jobs added year-over-year

Legal services

  • Month-over-month change: 2,000
  • 7,600 jobs added year-over-year

Accounting and bookkeeping services

  • Month-over-month change: -400
  • 21,100 jobs added year-over-year

Financial activities

  • Month-over-month change: 11,000
  • 165,000 jobs added year-over-year

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