April showers brought May jobs in a number of industries
Not only was major job growth seen across the board last month with the creation of 223,000 jobs, but wages also hiked up by 8 cents and the unemployment rate fell to an 18-year low of 3.8%.
Ready for summer? The labor market sure is.
Lately, it’s been more clouds than sunshine on the jobs front, meaning job growth hasn’t necessarily been bad, but it hasn’t been all that great, either.
But it might be time to break out the sunglasses and lather on some sunscreen because it looks like the clouds have cleared and given way to a brighter outlook for the U.S. labor market.
Per the latest jobs report from the U.S. Bureau of Labor Statistics (BLS), 223,00 jobs were added in May. This strong number not only surpasses economist estimates that hovered around 190,000, it’s also the most growth we’ve seen since February, even after March’s job numbers were revised up to 155,000 and April’s job numbers were revised down to 159,000. Over the past year, monthly gains have averaged 191,000, which is a sign of a solid labor market.
In addition to employment, wages hiked up, too. Average hourly earnings continued to increase, moving up by 8 cents for a total of $26.92.
The unemployment rate continued to drop, going from 3.9% to 3.8%, matching April 2000 as the lowest reading since 1969, The Wall Street Journal reported.
Gains were made across a number of sectors last month. See which industries experienced the most job growth in May:
Number of jobs created: 31,000
Number of jobs created: 29,000
Number of jobs created: 25,000
Job growth areas: Nonresidential specialty trade contractors (15,000)
Professional and technical services
Number of jobs created: 23,000
Transportation and warehousing
Number of jobs created: 19,000
Number of jobs created: 18,000
Number of jobs created: 6,000
Job growth areas: Support activities for mining
June’s jobs report comes out Friday, July 6, at 8:30 a.m. EST. In the meantime, you can find the top companies hiring on Monster right now.
Job search next steps
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