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Fri Jun 1, 2018, 08:42 AM

U.S. economy extends its hiring spree, with a better than expected 223,000 new jobs in May [View all]

Last edited Fri Jun 1, 2018, 10:11 AM - Edit history (1)

Source: Washington Post

U.S. companies continued their hiring spree during May, with a higher than expected 223,000 job gains in the Labor Department's monthly jobs report Friday. The unemployment rate fell to 3.8 percent.

In a highly unusual move, President Trump tweeted Friday morning that he is "looking forward to seeing the employment numbers." Trump's tweet made many on Wall Street wonder if the number would be far higher than predicted.

The U.S. unemployment rate has not been this low since 2000. Many economists predict it will fall even further this year, potentially dropping to 3.5 percent, which would be the lowest rate since 1969. Wage growth ticked up slightly to 2.7 percent over the past year.

Presidents have typically received an advance look at the jobs report on Thursday evening, but they refrain from commenting on it until after it releases because they don't want to be seen as influencing the markets. A long-standing federal rule forbids government employees from commenting on the jobs numbers until an hour after the release, but Trump has ignored that rule before.

Read more: https://www.washingtonpost.com/news/wonk/wp/2018/06/01/u-s-economy-continues-its-hiring-spree-and-is-projected-to-add-200000-jobs-in-may/?utm_term=.cf1db2bb5dec



Waiting for my buddy's info to add in a post here!

Edit to add info from post #14 -

Payroll employment increases by 223,000 in May; unemployment rate edges down to 3.8%

Economic News Release USDL-18-0916

Employment Situation Summary
Transmission of material in this news release is embargoed until 8:30 a.m. (EDT) Friday, June 1, 2018

Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces

Media contact: (202) 691-5902 * PressOffice@bls.gov


THE EMPLOYMENT SITUATION -- MAY 2018


Total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several industries, including retail trade, health care, and construction.

Household Survey Data

The unemployment rate edged down to 3.8 percent in May, and the number of unemployed persons declined to 6.1 million. Over the year, the unemployment rate was down by 0.5 percentage point, and the number of unemployed persons declined by 772,000. (See table A-1.)
....

Establishment Survey Data

Total nonfarm payroll employment increased by 223,000 in May, compared with an average monthly gain of 191,000 over the prior 12 months. Over the month, employment continued to trend up in several industries, including retail trade, health care, and construction. (See table B-1.)
....

Manufacturing employment continued to expand over the month (+18,000). Durable goods accounted for most of the change, including an increase of 6,000 jobs in machinery. Manufacturing employment has risen by 259,000 over the year, with about three-fourths of the growth in durable goods industries.

Mining added 6,000 jobs in May. Since a recent low point in October 2016, employment in mining has grown by 91,000, with support activities for mining accounting for nearly all of the increase.
....

In May, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $26.92. Over the year, average hourly earnings have increased by 71 cents, or 2.7 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.59 in May. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for March was revised up from +135,000 to +155,000, and the change for April was revised down from +164,000 to +159,000. With these revisions, employment gains in March and April combined were 15,000 more than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) After revisions, job gains have averaged 179,000 over the last 3 months.

_____________
The Employment Situation for June is scheduled to be released on Friday, July 6, 2018, at 8:30 a.m. (EDT).


May ADP -

May 2018: ADP Employment Reports

ADP National Employment Report: Private Sector Employment Increased by 178,000 Jobs in May

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