May jobs report lower than expected

The Bureau of Labor Statistics reported non-farm payrolls increased 559,000 in May, and the unemployment rate fell to 5.8 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.

“This was a generally encouraging report as jobs gains improved significantly over the prior month,” said Long. “Women under age 35 saw a large share of those gains, which may indicate that childcare issues are abating.”

Of note, April’s number was revised up slightly to a gain of 278,000.

Average hourly earnings rose 15 cents in May. Year-over-year wage growth was 2 percent. The labor force participation rate declined 0.1 percent to 61.6 percent, which is still down significantly from 63.3 percent in February 2020.


continue reading »