The US economy created additional 390,000 jobs in May, beating the market projections of 328,000.
- The average hourly earnings increased slightly by 0.3% month-over-month as annualized hourly early earnings rose by 5.2%. Average hours remained the same at 34.6. The labor participation increased to 62.3%.
- The unemployment rate remained largely unchanged at 3.6% in line with the estimate that job growth would drop to a 13-month low.
- Last month, retail trade was reduced by 61,000 jobs, with major employment declines led by merchandise stores, apparel, building material, garden supply stores, and health and personal care outlets.
Business and professional services rose by 75,000. Transportation and warehousing jobs created additional 47,000 jobs, which is 709,000 above its pre-crisis level.
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Source: US Bureau of Labor Statistics