US Economy Added 390,000 Jobs in May

Despite predictions of an economic downturn and a soaring rate of inflation, the US economy added 390,000 jobs in May, which was better than projected.

According to data from the Bureau of Labor Statistics (BLS), job growth was widespread.

Leisure and hospitality took the lead with 84,000 new jobs.

The second spot went to the professional and commercial services with 75,000 jobs, 47,000 in transportation and warehousing, and 36,000 in construction.

State government education (36,000), private education (33,000), health care (28,000), manufacturing (18,000), and wholesale trade (14,000) all showed significant increases.

Retail trade, on the other hand, took a hit in May, losing 61,000 jobs, albeit the BLS highlighted that the sector is still 159,000 jobs above its pre-pandemic level in February 2020.

Despite the job gains, the BLS household survey revealed that the labor market has yet to fully recover all of the jobs lost during the epidemic. Total employment is still 440,000 lower than it was before Covid.

The labor force participation rate increased to 62.3 percent, up 1.1 percentage points from February 2020, despite the fact that the labor force has shrunk by 207,000 since then.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.