The jobs report blew past expectations Friday, with employers adding 272,000 jobs in May, although the unemployment rate ticked up to 4%, one-tenth of a point higher than April.
The U.S. Bureau of Labor Statistics reported employment continued to rise in several sectors, led by health care; government; leisure and hospitality; and professional, scientific and technical services. The professional and business services sector added 33,000 jobs, including 7,600 in accounting, tax preparation, bookkeeping and payroll services.
Average hourly earnings increased by 14 cents, or 0.4%, to $34.91. Over the past 12 months, average hourly earnings increased 4.1%.
“The great American comeback continues, but we still have to make more progress,” said President Biden in a statement. “On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months — the longest stretch in 50 years. And a record high share of working-age women have jobs.”
The BLS also revised downward the job numbers for March and April, lowering the number for March by 5,000 jobs, from a gain of 315,000 to 310,000 jobs, and the change for April went down by 10,000, from a gain of 175,000 to 165,000 jobs. With these revisions, employment in March and April combined is 15,000 lower than previously reported.
Andrew Harrer/Bloomberg
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