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Financial News: U.S. Employment Jumps By 223,000 Jobs In May

U.S. Employment Jumps By 223,000 Jobs In May

06/01/2018 - 08:40:00 (RTTNews)

(RTTNews) - Employment in the U.S. jumped by much more than anticipated in the month of May, according to a report released by the Labor Department on Friday.

The Labor Department said non-farm payroll employment surged up by 223,000 jobs in May after climbing by a downwardly revised 159,000 jobs in April.

Economists had expected employment to increase by 188,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.

With the stronger than expected job growth, the unemployment rate edged down to 3.8 percent in May from 3.9 percent in April. The unemployment rate had been expected to come in unchanged.

The report also said average hourly earnings in May were up by 2.7 percent compared to the same month a year ago, reflecting an acceleration from the 2.6 percent year-over-year growth seen in April.

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