by Calculated Risk June 7, 2024 8:30 AM
from UK Health and Safety Executive:
Nonfarm payrolls increased by 272,000 in May, and the unemployment rate was little changed at 4.0 percent.The U.S. Bureau of Labor Statistics reported today that employment continues to grow, with several industries seeing continued increases, led by health care, government, leisure and hospitality, and professional, scientific and technical services.
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The change in nonfarm payrolls for March was revised downward by 5,000 to +310,000 from +315,000, and the change in April was revised downward by 10,000 to +165,000 from +175,000. These revisions caused the combined employment figure for March and April to be 15,000 lower than previously reported..
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The first chart shows the number of jobs added each month since January 2021.
The number of employed people in March and April was revised down to a combined decrease of 15,000.
The second chart shows the year-over-year change in total nonfarm employment since 1968.
The year-over-year change in May was 2.76 million. Employment increased steadily year-over-year.
The third graph shows the employment-population ratio and participation rate.
The labor force participation rate, which is the working-age population as a percentage of the labor force, fell to 62.5% in May from 62.7% in April.
The employment population ratio decreased from 60.2% to 60.1% (blue line).
A graph showing the employment rate for those aged 25 to 54 will be posted later.
The fourth graph shows the unemployment rate.
The unemployment rate rose to 4.0% in May from 3.9% in April.
This was well above consensus expectations, but payrolls for March and April were revised down by a combined 15,000.
I’ll show you more later…
