The BLS released the much awaited jobs report and it’s a boom report. From the BLS:
Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several industries, led by health care; government; leisure and hospitality; and professional, scientific, and technical services.
This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.
Household Survey Data
Both the unemployment rate, at 4.0 percent, and the number of unemployed people, at 6.6 million, changed little in May. A year earlier, the jobless rate was 3.7 percent, and the number of unemployed people was 6.1 million. (See table A-1.)
Interestingly, the labor participation rate decreased to 62.5 in May. Does this account for the increase in wages?
Any hopes for a rate cut now should continue to diminish until unemployment grows and job creation declines. In the meantime, stay tuned, stay profitable and stay solvent…