Jobs Growth Stalls
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Jobs growth slowed to an anemic level in May, data from the U.S. Bureau of Labor Statistics showed Friday.
Nonfarm payroll employment rose just 69,000 in the month, which was well below economist estimates of 150,000 additions. The unemployment rate came in at 8.2%, versus the consensus estimate of 8.1%.
It gets worse... the reading for April was revised lower from a gain of 115,000 to a gain of just 77,000. March was revised from a gain of 154,000 to a gain of 143,000,
The gain in private-sector payrolls in May totaled 82,000, versus the consensus estimate of 164,000. The prior-month reading was revised from 130,000 to 87,000.
The change in manufacturing payrolls in May was up 12,000, which compares to the Street estimate of 15,000. The prior-month reading was revised from 16,000 to 9,000.
Health care was a bright spot, with sector adding 33,000 jobs in the month. Transportation and warehousing, and wholesale trade also rose, while construction lost jobs.
The number of long-term unemployed, or those jobless for 27 weeks or more, rose from 5.1 to 5.4 million in May.
The number of persons employed part time for economic reasons edged up to 8.1 million over the month.
The average workweek fell by 0.1 hour to 34.4 hours in May. The manufacturing workweek declined by 0.3 hour to 40.5 hours, and factory overtime declined by 0.1 hour to 3.2 hours. Average hourly earnings edged up by 2 cents to $23.41.
Stocks fell, while bonds rose in reaction to the news. Dow Jones futures fell 200 points and the yield on 10-year Treasuries fell to 1.5%.
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Nonfarm payroll employment rose just 69,000 in the month, which was well below economist estimates of 150,000 additions. The unemployment rate came in at 8.2%, versus the consensus estimate of 8.1%.
It gets worse... the reading for April was revised lower from a gain of 115,000 to a gain of just 77,000. March was revised from a gain of 154,000 to a gain of 143,000,
The gain in private-sector payrolls in May totaled 82,000, versus the consensus estimate of 164,000. The prior-month reading was revised from 130,000 to 87,000.
The change in manufacturing payrolls in May was up 12,000, which compares to the Street estimate of 15,000. The prior-month reading was revised from 16,000 to 9,000.
Health care was a bright spot, with sector adding 33,000 jobs in the month. Transportation and warehousing, and wholesale trade also rose, while construction lost jobs.
The number of long-term unemployed, or those jobless for 27 weeks or more, rose from 5.1 to 5.4 million in May.
The number of persons employed part time for economic reasons edged up to 8.1 million over the month.
The average workweek fell by 0.1 hour to 34.4 hours in May. The manufacturing workweek declined by 0.3 hour to 40.5 hours, and factory overtime declined by 0.1 hour to 3.2 hours. Average hourly earnings edged up by 2 cents to $23.41.
Stocks fell, while bonds rose in reaction to the news. Dow Jones futures fell 200 points and the yield on 10-year Treasuries fell to 1.5%.
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