by Calculated Risk on 6/03/2022 08:44:00 AM
From the BLS:
rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported today.
Notable job gains occurred in leisure and hospitality, in professional and
business services, and in transportation and warehousing. Employment in retail
The change in total nonfarm payroll employment for March was revised down
by 30,000, from +428,000 to +398,000, and the change for April was revised
up by 8,000, from +428,000 to +436,000. With these revisions, employment in
March and April combined is 22,000 lower than previously reported.
The first graph shows the job losses from the start of the employment recession, in percentage terms.
The current employment recession was by far the worst recession since WWII in percentage terms.
In May, the year-over-year change was 6.5 million jobs. This was up significantly year-over-year.
Total payrolls increased by 390 thousand in May. Private payrolls increased by 333 thousand, and public payrolls increased 57 thousand.
Payrolls for March and April were revised down 22 thousand, combined.
The third graph shows the employment population ratio and the participation rate.
The Employment-Population ratio increased to 60.1% from 60.0% (blue line).
I’ll post the 25 to 54 age group employment-population ratio graph later.
The unemployment rate was unchanged in May at 3.6% from 3.6% in April.
This was above consensus expectations; however, March and April payrolls were revised down by 22,000 combined.