Today’s release of the May Employment Situation by the US Bureau of Labor Statistics (BLS) indicated that total nonfarm employment rose by +339,000 in May on a seasonally adjusted basis. Specifically, most industry groups reported job growth. Health and social assistance added the most with +74,600 jobs while Professional services (excluding temporary help) added +56,300 jobs and Government added +56,000 jobs. The temporary agency penetration rate was 1.95% in May, steady with an upwardly revised April figure.
The national unemployment rate increased to 3.7% from 3.4% in April, and the labor force participation rate remained at 62.6%. BLS Revisions also increased the total nonfarm payroll employment for March and April by 93,000 higher than previously reported.
The US economy is continuing to show resilience in the face of the pandemic with unemployment remaining at historically low levels and jobs increasing significantly higher than the median forecast in a Bloomberg survey of economists, which called for a gain of +195,000. Employment growth is decelerating, however, with average monthly payroll growth in 2021 being +605,600, in 2022 being +399,400, and in 2023 through May