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Job gains slow down in May

New construction positions are nearly flat.

BY HBSDealer Staff

The U.S. economy added about 75,000 jobs in May while unemployment held steady at 3.6%, according to the latest Employment Situation Report from the Bureau of Labor Statistics.

Also, job gains for March was revised downward from 189,000 to 153,000 new positions while April gains were revised down 263,000 to 224,000. That means that employment increases in March and April were 75,000 less than originally reported.

Following the revisions, job gains have averaged 151,000 per month over the last 3 months.

Construction employment was nearly flat in May, up just 4,0000 jobs, following an increase of 30,000 jobs in April. In the past 12 months, the construction industry as grown by 215,000 jobs.

Employment in other major industries, including manufacturing, wholesale trade, retail, transportation, warehousing, information, government and financial activities showed little to no change in May.

The largest growth was in professional and business services, up 33,000 in May and 498,000 for the last 12 months. Health care added 16,000 jobs last month and 391,000 in the past 12 months.

Average hourly earnings for all employees on private nonfarm payrolls increased by 6 cents to $27.83. Over the year, average hourly earnings have increased by 3.1%. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $23.38 in May.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in May.

In manufacturing, the average workweek and overtime hours were unchanged at 40.6 hours and 3.4 hours, respectively.

The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged down by 0.1 hour to 33.6 hours.

The full report from the Bureau of Labor Statistics can be read here.

 

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