“Total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent,” the U.S. Bureau of Labor Statistics announced on Friday. Below are key highlights from the official press release.
- Employment continued to trend up in several industries, including retail trade, health care, and construction.
- The unemployment rate edged down to 3.8 percent in May, and the number of unemployed persons declined to 6.1 million.
- Over the year, the unemployment rate was down by 0.5 percentage point, and the number of unemployed persons declined by 772,000.
- Both the labor force participation rate, at 62.7 percent, and the employment-population ratio, at 60.4 percent, changed little in May.
- In May, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $26.92.
- Over the year, average hourly earnings have increased by 71 cents, or 2.7 percent.
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