The May jobs report showed the U.S. companies added 217,000 nonfarm payrolls for month. The unemployment rate is unchanged 6.3%.
The headline numbers from this report didn’t have any curveballs, as it was essentially right in line with expectations.
Expectations were for nonfarm payrolls to grow 215,000, with the unemployment rate ticking up to 6.4%.
Private payrolls grew by 216,000. Expectations were for private payrolls to grow by 210,000.
The labour force participation rate is unchanged at 62.8%. Average hours worked were unchanged at 34.5. The year-over-year change in hourly earnings edged up to 2.1% from 1.9% last month.
Month-over-month average hourly earnings edged up 0.2%, in line with expectations.
Last month, nonfarm payrolls grew by 288,000, and the unemployment rate fell to 6.3% from 6.7%.
The latest jobs report comes on the heels of unprecedented action from the ECB yesterday, which took interest rates into negative territory.
The economy is also on the cusp of achieving the total employment rate reached in early 2008. The economy needs to add just 113,000 jobs to reach January 2008’s record nonfarm payrolls total of 138,365,000.
These charts from BI’s Rob Wile show how jobs data has changed over the last four years.
More to come…