Job Market

May 2023 Jobs Report: U.S. Economy Added 339,000 Jobs

The May 2023 Jobs Report saw the unemployment rate increase to 3.7% in May from 3.4% in April 2023, according to the most recent report released by the Bureau of Labor Statistics (BLS). Despite the rise in the unemployment rate, the U.S. economy saw the largest monthly job growth increase since January adding 339,000 jobs surpassing Wall Street expectations of 190,000. The May report also noted there were an additional 93,000 jobs added, revised from previously reported in March and April combined.

Job growth outpaced expectations and it was the 29th consecutive month of job growth in the U.S. 

The unemployment rate for college-degreed professionals 25 years and older increased from 1.9% in April to 2.1% in May. Job seekers with some college or an associate degree saw an increase in unemployment from 2.9% in April to 3.2% in May. Additionally, 3.8 million quit their jobs in April 2023 vs 3.9 million in March 2023. 

Professional and business services, government, health care, construction, transportation and warehousing, and social assistance saw notable gains. 

Jobs added by industry: 

  • Professional and Business Services: 64,000 jobs added  
  • Government: 56,000 jobs added 
  • Healthcare: 52,000 jobs added 
  • Leisure and Hospitality: 48,000 jobs added 
  • Construction: 25,000 jobs added 
  • Transportation and Warehousing: 24,000 jobs added 
  • Social Assistance: 22,000 jobs added 

Wage growth rose by 11 cents in May 2023 

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents, or 0.3% to $33.44. Over the past 12 months, average hourly earnings have increased by 4.3%. 

See how company culture can often be the deciding factor for prospective talent and retention. 

Despite headlines the labor market remains tight, many employers are looking into what makes the difference in hiring. Beyond salary and benefits, a company’s culture can be a deciding factor as candidates weigh their options. Secondly, as companies dig under the covers looking at employee burnout, examining company culture makes good sense for retention.

Our latest eBook, Solving the Company Culture Puzzle for a Better Workplace, takes a closer look at all aspects of company culture and how a positive company culture can help keep employees happy and loyal. Click here to download your free copy. 

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Whether it’s administrative, legal, technology or finance and accounting staff our recruiters can offer you insights and information on the trends that will impact hiring and how you can become an employer of choice. Contact one of our locations today.

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.