Parsippany, NJ Jobs Report
Real time jobs report data summary. Figures are based on the latest data provided by the Bureau of Labor Statistics (BLS.gov). All jobs numbers are for non-farm employment.
The unemployment rate remains at a 50-year low of 3.6%, though hiring was weak in May as employers added 75,000 jobs, falling short of economists’ expectations of 178,000.
The decline was the second in four months that payrolls increased by less than 100,000, as the labor market continues to show signs of weakening. “Economic growth is clearly slowing, as indicated by the slower pace of job growth in May, downward revisions in prior months, and a leveling out of wage growth,” Mike Fratantoni, chief economist for the Mortgage Bankers Association, wrote in an email. “The job market remains tight, but this report, coupled with other recent data, shows a distinct cooling of the economy this spring.”
Wage gains also slowed a bit, and average hourly earnings year over year were up 3.1%, missing expectations by one-tenth of a point. But while industries showed little change on the month, job growth came through for professional and business services, seeing over 33,000 new hires. Health care expanded by 16,000, construction added 4,000 and manufacturing brought in 3,000.
All in all, it seems as if Friday’s report has the U.S. economy at a crossroad.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov. The BLS defines a sector as a subset of the domestic economy and excludes the economic activities of the following: general government, private households, and nonprofit organizations serving individuals. A sector consists of multiple industries. The BLS defines an industry as a group of establishments that produce similar products or provide similar services. Multiple industries makeup sectors.