FOREX TradingCharts.com

Financial News: U.S. Job Growth Far Exceeds Estimates In May

U.S. Job Growth Far Exceeds Estimates In May But Unemployment Rate Ticks Higher

06/07/2024 - 09:23:00 (RTTNews)

(RTTNews) - Employment in the U.S. shot up by far more than economists had been expecting in the month of May, according to a closely watched report released by the Labor Department on Friday.

The Labor Department said non-farm payroll employment surged by 272,000 jobs in May after climbing by a downwardly revised 165,000 jobs in April.

Economists had expected employment to increase by about 185,000 jobs compared to the addition of 175,000 jobs originally reported for the previous month.

The much stronger than expected job growth partly reflected another notable increase in employment in the health care and social assistance sector.

The report also showed significantly faster job growth in the government and leisure and hospitality sectors following modest increases in the previous month.

Meanwhile, the Labor Department said the unemployment rate crept up to 4.0 percent in May from 3.9 percent in April. The unemployment rate was expected to remain unchanged.

With the unexpected increase, the unemployment rate reached its highest level since hitting a matching rate in January 2022.

The uptick by the unemployment rate came as the household survey measure of employment tumbled by 408,000 persons, while the size of the labor force shrank by 250,000 persons.

The report also said average hourly employee earnings climbed $0.14 or 0.4 percent to $34.91, with the annual rate of growth accelerating to 4.1 percent in May from 4.0 percent in April.

"Although this report is not uniformly strong, on net, it is showing a job market that is still quite tight, which likely means that the Federal Reserve will continue to hold at its current level of rates, as inflation is unlikely to drop back to target given this pace of wage growth," said Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June (26 min(s), 45 sec(s) ago)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story»

China Bank Lending Rises Less Than Expected (01 hr(s), 02 min(s), 45 sec(s) ago)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story»

U.S. Import Price Unexpectedly Decrease 0.4% In May (01 hr(s), 15 min(s), 45 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

U.S. Import, Export Prices Unexpectedly Decrease In May (02 hr(s), 02 min(s), 45 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

Eurozone April Trade Balance Swings To Surplus (04 hr(s), 11 min(s), 45 sec(s) ago)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story»

UK Inflation Expectations Ease In May: BoE Survey (05 hr(s), 34 min(s), 45 sec(s) ago)
(RTTNews) - Britons' short-term inflation expectations softened in May, the quarterly Inflatio ...Full Story»

French Inflation Accelerates In May (07 hr(s), 12 min(s), 45 sec(s) ago)
(RTTNews) - France's consumer price inflation accelerated in May on higher energy and food pri ...Full Story»

Bank Of Japan Delays Bond Purchase Reduction (07 hr(s), 59 min(s), 45 sec(s) ago)
(RTTNews) - The Bank of Japan delayed its normalization of policy on Friday as policymakers decide ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June

06/14/2024 - 10:12 AM (RTTNews)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story>>

China Bank Lending Rises Less Than Expected

06/14/2024 - 09:36 AM (RTTNews)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story>>

U.S. Import Price Unexpectedly Decrease 0.4% In May

06/14/2024 - 09:23 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

U.S. Import, Export Prices Unexpectedly Decrease In May

06/14/2024 - 08:36 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

Eurozone April Trade Balance Swings To Surplus

06/14/2024 - 06:27 AM (RTTNews)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.