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6/4, 2:30 PM (Source: TeleTrader)
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US nonfarm payrolls up by 559,000 in May

Nonfarm employment in the United States increased by 559,000 in May, lower than expected, the country's Bureau of Labor Statistics reported on Friday. Meanwhile, the unemployment rate was down 0.9 percentage points to 5.8%.

The number of unemployed persons stood at 9.3 million, down 496,000 compared to April. Temporary layoffs also declined by 291,000 to 1.8 million. The labor force participation rate remained virtually flat month-on-month at 61.6%, while being down 1.7% compared to February last year. Meanwhile, the number of people working from home slid 1.7 pps month-on-month to 16.8%.

The leisure and hospitality industry again contributed the most to the increase, adding 292,000 new employees, followed by public and private education, which made 144,000 new hires. Health care and social assistance, manufacturing, and other sectors excluding construction and retail all reported gains.

Breaking the News / MD