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U.S. employers added 339,000 jobs in May

The unemployment rate was 3.7%, slightly higher than the month before but still hovering at historic lows.
U.S. employers added 339,000 jobs in May
Posted at 11:02 AM, Jun 02, 2023
and last updated 2023-06-02 13:14:52-04

U.S. employers added 339,000 jobs in May, beating Wall Street's expectations, according to newly released numbers from the U.S. Department of Labor.

That number is an increase from a revised total of 294,000 in April.

The revised data shows that the April jobs figure was adjusted upward by an additional 41,000 jobs, while the March number saw a revision of 52,000 jobs added.

These upward revisions of 93,000 further emphasize the robustness of the job market during those months.

However, the unemployment rate rose to 3.7%. That's slightly higher than April's 3.4%, but is still hovering at historic lows.

The jobless rate among Black Americans rose to 5.6% after falling to a record low in April. Unemployment rates for women also rose by 3.3%.

Additionally, the average hourly pay for private nonfarm payrolls saw an increase of 11¢, reaching $33.44.

Compared to a year ago, this marks a notable growth of 4.3%.

The average hourly pay for private-sector production and nonsupervisory employees rose by 13¢, reaching $28.75.

It's important to note that wages are still surpassing the pre-pandemic annual pace of 3%, demonstrating continued progress.

However, this growth rate is lower than the nearly 6% witnessed in 2022.

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