May Unemployment ‘Essentially Unchanged;’ Job Growth Slows
The U.S. Bureau of Labor Statistics reported that the May unemployment rate was “essentially unchanged” at 8.2% from 8.1% last month. Employers added 69,000 jobs in May, compared to 77,000 in April. In comparison, the average monthly gain was 226,000 in the first quarter of the year, the report said.
Employment increased in healthcare, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries.
Manufacturing employment continued to trend up in May (+12,000), following a similar change in April (+9,000). Job gains averaged 41,000 per month in the first quarter of this year. Since its most recent low in January 2010, manufacturing employment has increased by 495,000.
Construction employment declined by 28,000 in May, with job losses occurring in specialty trade contractors (-18,000) and in heavy and civil engineering construction (-11,000). Since reaching a low in January 2011, employment in construction has shown little change on net.
To read the Bureau’s full news release, click here.