Job Numbers Come In Stronger Than Expected

Employers add a solid 390K in May, though that snaps long streak of at least 400K
By John Johnson,  Newser Staff
Posted Jun 3, 2022 7:55 AM CDT
A 12-Month Streak on US Hiring Ends, Barely
A passer-by walks past a hiring sign in front of a Bob's Stores location, in Attleboro, Mass., Thursday, June 2, 2022.   (AP Photo/Steven Senne)

The jobs market remains strong, but it appears to be cooling off a smidge amid signs the labor shortage is easing. That seems to be the gist of coverage related to the new unemployment report released Friday.

  • New hires: Employers added 390,000 jobs in May, above estimates of 328,000. The number reflects a still-healthy job market, per the AP, though it ends a record streak of 12 straight months in which employers added at least 400,000 jobs.
  • The rate: The unemployment rate remained at 3.6%, which is hovering near 50-year lows.

  • Wages: They are up 5.2% over May of last year, per CNBC, which is down a bit from April's 5.5% year-over-year increase. That may be a sign that employers are finding it easier to find workers. "I do believe we’re going to see things start to plateau within the next 12 to 18 months," Matthew Johnson of tech company Midwestern Interactive tells the Wall Street Journal in regard to wage growth. For the month, wages rose 0.3% from April, below expectations. The yearly wage increases are still well above pre-pandemic figures.
(More unemployment stories.)

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