From Maddow Blog:
From Maddow Blog:
The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and
nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor
Statistics reported today. Employment increased in health care. Mining continued
to lose jobs, and employment in information decreased due to a strike.
Total nonfarm payroll employment changed little in May (+38,000). Job growth
occurred in health care. Mining continued to lose jobs, and a strike resulted
in job losses in information. (See table B-1.)
Health care added 46,000 jobs in May, with increases occurring in ambulatory
health care services (+24,000), hospitals (+17,000), and nursing care facilities
(+5,000). Over the year, health care employment has increased by 487,000.
In May, mining employment continued to decline (-10,000). Since reaching a
peak in September 2014, mining has lost 207,000 jobs. Support activities for
mining accounted for three-fourths of the jobs lost during this period, including
6,000 in May. (more…)
New jobs report –
Although the headline number for job creation was below expectations, this was still a decent report. Some positives include more wage growth (see below), fewer part-time workers for economic reasons, fewer long-term unemployed, and a decline in U-6 (an alternative measure of underemployment).
A few numbers: Total employment is now 5.5 million above the pre-recession peak. Total employment is up 14.2 million from the employment recession’s low.
Private payroll employment increased 171,000 in April, while government employment declined 11,000 in April, mostly at the Federal level. Private employment is now 5.8 million above the pre-recession peak. Private employment is up 14.6 million from the recession low.