Written By ESR News Blog Editor Thomas Ahearn
The U.S. economy added a disappointing 38,000 jobs in May while the unemployment rate declined by 0.3 percentage point to 4.7 percent and the number of unemployed persons declined by 484,000 to 7.4 million during the month, according to ‘THE EMPLOYMENT SITUATION — MAY 2016’ released by the U.S. Department of Labor’s Bureau of Labor Statistics.
The May jobs report found that employment gains occurred in health care and professional and business services while industry sectors such mining, information, and manufacturing lost jobs:
- Health care employment added 46,000 jobs in May. Over the year, health care employment has increased by 487,000 jobs.
- Professional and business services Employment added 10,000 jobs in May after increasing by 55,000 jobs in April.
- Mining employment declined by 10,000 jobs. Since reaching a peak in September 2014, mining has lost 207,000 jobs.
- Information employment declined by 34,000 jobs in May. Approximately 35,000 workers in the telecommunications industry were on strike and not on company payrolls during the survey reference period.
- Manufacturing employment in durable goods declined by 18,000 jobs in May.
Employment in other major industries including construction, wholesale trade, retail trade, transportation and warehousing, financial activities, leisure and hospitality, and government, changed little over the month.
The change in employment for March was revised from 208,000 jobs added to 186,000 jobs added and the change for April was revised from 160,000 jobs added to 123,000 jobs added. With these revisions, employment gains in March and April were 59,000 jobs less than previously reported.
The ‘THE EMPLOYMENT SITUATION’ is usually released by the Bureau of Labor Statistics on the first Friday of every month. The Employment Situation for June 2016 is scheduled to be released on July 8, 2016. Until that day, the current jobs report will be available online at www.bls.gov/news.release/empsit.nr0.htm.
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