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US employers add modest 138K jobs; rate dips to 4.3 percent

03 June, 2017, 02:01 | Author: Paula Vaughn
  • Friday's US jobs report for May likely to show steady gains

"Today's numbers probably won't stop the Fed from raising rates this month". Since January, the unemployment rate has declined by 0.5 percentage point, and the number of unemployed has decreased by 774,000. The highest unemployment rate was in El Centro, Calif., at 19.2 percent.

Economists surveyed by MarketWatch had forecast a 185,000 increase in nonfarm jobs. The number of long-term unemployed (people who have been jobless for 27 weeks or more) was essentially unchanged during the month at 1.7 million and they accounted for 24 percent of the unemployed. But it is worth paying close attention to the industry's direction; there are almost 16 million retail jobs in the U.S. Manufacturing, which tends to get far more attention from politicians, employs 12 million people.

The labor force participation rate fell 0.2 percentage points - to 62.7 percent - and the employment-to-population ratio also fell 0.2 percentage points, suggesting that would-be workers are leaving the workforce after failing to find suitable employment. Monthly job gains have averaged 121,000 over the past three months, compared with 181,000 over the past 12 months.

The biggest manufacturing jobs gains were in machinery (+3,700), fabricated metal products (+3,500), primary metals (+2,900) and transportation equipment (+2,400).

White-collar firms health-care providers, restaurants and energy producers led the hiring in May.

Average hourly earnings increased by 4 cents to $26.22. Weekly applications for unemployment benefits, which tend to reflect the pace of layoffs, averaged a low 238,000 over the past four weeks, according to the Labor Department.

Express Employment Professionals puts people to work.

The construction sector added just 5,000 jobs in April and 1,000 jobs in March.

So far this year, the US has added 810,000 jobs. The sector has added an average of 46,000 jobs per month thus far this year, in line with the average monthly job gain in 2016.

Retailers' struggles still pale in comparison to the challenges they faced during the 2008-09 recession, when the industry cut more than a million jobs over two years.

Darci Lynne Farmer Talks Nerves Before "AGT" Audition
Some singing teachers, however, have expressed concern over a girl that young performing a hard song with her mouth closed. She was accompanied by her family backstage and on the stage she brought her puppet-Petunia the rabbit, to perform.

Those people were not in the labor force, wanted and were available for work and had looked for a job at some time during the prior 12 months. The data suggest employers are starting to add to payrolls more slowly in a tight labor market.

Last month's job gains could still be sufficient for the Federal Reserve to raise interest rates this month.

This wobble might not be serious enough to stop the Fed hiking interest rates this month, but the USA economy certainly doesn't appear as strong as record-high stock markets and other indicators would lead you to believe.

The unemployment rate is expected to have remained in May at 4.4 percent, a low figure that historically has reflected a healthy job market.

Analysts were split over whether the May report was encouraging or disappointing.

Construction payrolls rose 11,000 last month.

David Berson, chief economist for Nationwide, was much more negative.

As a result, the spread between the jobless rate and this broad unemployment gauge, considered a better measure of labor market slack, was the smallest since early 2008.

Many economists predict wages will rise faster in the months ahead as companies take a more aggressive approach to filling open positions as competition for a dwindling supply of labor intensifies. Trump said the deal would have been bad for American workers.

Get the FULL story at Wall Street Journal. North said. The job creation at this point in the recovery is still solid.

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