The U.S. Bureau of Labor Statistics launched its “Employment Scenario Abstract” report for Might on Friday, and the findings mirror a “regular however cautious” labor market, says Ger Doyle, Regional President of North America at employment company ManpowerGroup, in an announcement to Entrepreneur.
The U.S. financial system added 139,000 jobs in Might. The unemployment fee was 4.2%, unchanged from April, whereas job additions have been down from the revised 147,000 jobs added in April.
The unemployment fee has remained secure between 4.0% and 4.2% since Might 2024, with 7.2 million folks unemployed as of Might.
Associated: ‘Actually Laborious to Discover a Job’: 1.7 Million Job Seekers Have Been Searching for Work for at Least 6 Months
Each employers and workers acted cautiously within the month of Might, with workers holding onto their positions and employers slowing down their hiring.
“This isn’t a freeze, however a brief chill,” Doyle said. “Workers are staying put, employers are holding regular, and everyone seems to be ready for clearer indicators. That is collective warning, not disaster.”
ManpowerGroup, which is the third-largest staffing company on the planet, discovered that its inner job board confirmed a 7% month-over-month decline in open job postings and a 16% drop in new postings in Might, Doyle mentioned. The variety of new job postings was flat in comparison with the identical time final 12 months, “indicating a pause quite than a pullback,” he defined.
Associated: U.S. Companies Added 155,000 New Jobs in March, In response to ADP Information: ‘A Good One for the Economic system’
Latest school graduates have been significantly affected by hiring pauses. In response to the Federal Reserve Financial institution of New York, unemployment for these ages 22 to 27 hit 5.8% in March, the very best in 4 years.
The BLS report confirmed that employment trended up in healthcare (which added 62,000 jobs in Might), leisure and hospitality (which added 48,000 jobs), and social help (which added 16,000 jobs).
Common hourly earnings rose by 15 cents to $36.24 in Might, whereas the typical workweek remained the identical for the third month in a row at 34.3 hours.
In 2024, the financial system gained 2.2 million jobs general, lower than the three million jobs it added in 2023.
The U.S. Bureau of Labor Statistics launched its “Employment Scenario Abstract” report for Might on Friday, and the findings mirror a “regular however cautious” labor market, says Ger Doyle, Regional President of North America at employment company ManpowerGroup, in an announcement to Entrepreneur.
The U.S. financial system added 139,000 jobs in Might. The unemployment fee was 4.2%, unchanged from April, whereas job additions have been down from the revised 147,000 jobs added in April.
The unemployment fee has remained secure between 4.0% and 4.2% since Might 2024, with 7.2 million folks unemployed as of Might.
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