The May 2024 Jobs Report shows the unemployment rate increased slightly to 4.0% in May, compared to 3.9% in April. After 27th consecutive months the unemployment rate finally breached 4.0%, the first time since January 2022. According to the most recent report by the Bureau of Labor Statistics (BLS), payroll employment increased by 272,000, showing a strong hiring pace. The number of unemployed people increased slightly to 6.6 million, compared to 6.1 million a year ago.
The unemployment rate for college-degreed professionals 25 years and older slid down slightly to 2.1%, compared to 2.2% the prior month. The unemployment rate for job seekers with some college or an associate degree decreased from 3.3% to 3.1%.
The labor force participation rate showed little change at 62.5%. The employment-population ratio showed a slight change to 60.1%.
In May, employment trended up in the categories of health care; government; leisure and hospitality; and professional, scientific, and technical services.
Jobs added by industry:
- Health Care: 68,000 jobs added
- Government: 43,000 jobs added
- Leisure and Hospitality: 42,000 jobs added
- Professional, Scientific and Technical: 32,000 jobs added
- Social Assistance: 15,000 jobs added
- Retail: 13,000 jobs added
Employment showed little change over the month in other major industries, including Manufacturing, Information, Financial Activities, Construction, and Transportation and Warehousing.
Wage Growth Increases Slightly
In May, average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents to $34.91. Average hourly earnings were up by 0.5% in May and 4.1% over the year.
Reimagining how we hire and retain employees.
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Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.
Sources: BLS, CNBC
