The U.S. economy gained 75,000¬†jobs in May, and the unemployment rate remained at 3.6%,¬†according to figures released this morning by the U.S. Bureau of Labor Statistics. Wage growth of 3.1% was lower than last month’s 3.4% and, a downward revision of 75,000 for the job numbers for March and April signals that the¬†Federal Reserve’s Open Market Committee needs to inch down interest rates.
In response to the May job¬†numbers, AFL-CIO Chief Economist William Spriggs tweeted:
Last month’s biggest job gains were in professional and business services (33,000),¬†health care (16,000) and¬†construction (4,000).¬†Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade,¬†transportation and warehousing, information, financial activities,¬†leisure and hospitality, and government, showed little change over the month.
Among the major worker groups, the unemployment rates fell for blacks (6.2%). The unemployment rates for¬†teenagers (12.7%), Hispanics (4.2%), adult men (3.3%), whites (3.3%), adult women (3.2%)¬†and¬†Asians (2.5%)¬†showed little or no change in¬†May.
The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in May and accounted for 22.4% of the unemployed.
This blog was originally published by the AFL-CIO on June 7, 2019. Reprinted with permission.¬†
About the Author: Kenneth Quinnell is a long-time blogger, campaign staffer and political activist. Before joining the AFL-CIO in 2012, he worked as labor reporter for the blog Crooks and Liars.