U.S. employment in May 2024 increases

U.S. employment in May 2024 jumped sharply according to the monthly report from the Bureau of Labor Statistics.

U.S. employment growth in May 2024 increased, jumping to 272,000, much higher than expected, while the nation’s unemployment rate snapped a 27-month streak of unemployment below 4%.

U.S. job gains in May 2024 are considerably larger than April’s total, which was revised down to 165,000.

The May data were well above expectations of 180,000, according to Bureau of Labor Statistics data released Friday.

The unemployment rate rose from 3.9% to 4%. This is the first time in more than two years that the unemployment rate has not been below 4%.

Service-providing industries accounted for most of the month’s job gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added.

U.S. employment in May 2024 rose and the average hourly wage increased.

Hourly wages also rose last month, a welcome gain for workers, but a trend that could contribute to stiffer inflation.

Hourly wages rose 4.1% from a year earlier, faster than the rate of inflation and faster than in April. Some companies may raise prices to offset their higher wage costs.

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U.S. employment in May 2024 contrasts with the unemployment rate, in an ambiguous situation that makes it clear that the country’s productive apparatus is still not recovering.

President Joe Biden is still likely to point to Friday’s jobs report as a sign of the economy’s solid health under his administration.