Us adds just 98k jobs unemployment falls to a low 4 5 pct
According to the latest jobs report from the United States Bureau of Labor Statistics (BLS), the economy added 98,000 jobs in May 2022, which is a relatively modest increase. However, the unemployment rate fell to 4.5%, which is a significant drop from the previous month's rate of 4.6%.
Here are some key takeaways from the report:
- Job growth: The economy added 98,000 jobs in May, which is below the average monthly gain of 202,000 jobs in the first quarter of 2022. However, it's still a positive sign that the labor market is continuing to grow.
- Unemployment rate: The unemployment rate fell to 4.5%, which is the lowest rate since February 2022. The rate has been trending downward since the start of the year, and this is the lowest rate since the pandemic began.
- Labor force participation: The labor force participation rate, which measures the percentage of the population that is employed or actively looking for work, remained steady at 62.2%. This rate has been trending upward since the start of the year, which is a positive sign for the labor market.
- Wages: Average hourly earnings rose 0.3% in May, which is a slower pace than the previous month's gain of 0.5%. However, wages are still up 5.2% from a year ago, which is a sign of continued wage growth.
- Industries: The industries that added the most jobs in May were:
- Healthcare and social assistance (28,000 jobs)
- Professional and business services (23,000 jobs)
- Leisure and hospitality (22,000 jobs)
- Education and health services (18,000 jobs)
Overall, the jobs report suggests that the labor market is continuing to grow, albeit at a slower pace than in previous months. The unemployment rate is at a low level, and wages are still growing, which is a positive sign for the economy.