The food services sector added 30,000 jobs, bringing its year over year increase to 267,000. The rate, though, is at its lowest level since May 2001. Annual wage gains have stayed near the 2.5% pace since late 2015, despite a steady decrease in the unemployment rate.
"As our committee has heard from business leaders over the past few weeks, permanent, pro-growth tax reform is the most important opportunity we have to help job creators hire more workers, increase paychecks and reinvest in our local communities", Brady said. The U-6 has declined since January to 8.4 percent, an encouraging sign that jobless people who had given up hope of working are now being hired.
The drop in the unemployment rate comes as the labor force participation rate took a leg lower after having held steady - and slightly increased - over the previous year or so. Construction and mining payrolls also rose.
Employment in health care rose by 24,000 in May. Health care and social assistance added almost 37,000 jobs and professional services 39,000.
Coal mines added 400 jobs in May.
Construction added 11,000 jobs in May, with 7,200 of them in heavy and civl engineering, and 5,500 in building construction.
But manufacturers, retailers and governments lost workers last month. The disappointing March results were cut even further, from a gain of 79,000 to a gain of only 50,000 jobs. The average workweek was flat at 34.4 hours.
Companies accelerated their hiring last month, adding a robust 253,000 net new jobs in a sign the labor market remains healthy and the economy is strengthening after a weak winter. This number is also significantly below where the average stood last month and suggests that jobs growth may be slowing as we head into the late spring and summer. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
The unemployment rate, which is calculated from a different survey, fell from 4.4% to 4.3%, lowest since May 2003, the Labor Department said Friday. Last month's decline came as people left the labour force.
Market analysts widely expected the Fed to raise rate this month on the solid job market data. If Fed policymakers believe that interpretation, or consider it likely, they would probably see that as an argument for continuing to raise rates to keep the economy from overheating.
Experts were split on the report. Goldman Sachs says the trend will continue to reduce monthly job gains by about 10,000. The highest unemployment rate was in El Centro, Calif., at 19.2 percent.
David Berson, chief economist for Nationwide, was much more negative.
"Job growth is rip-roaring", declared Mark Zandi, chief economist at Moody's Analytics, which assists ADP in preparing its report. The labor force participation rate in May fell to 62.7%, down from 62.9% in April and 63% in March.
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