On the heels of the Biden Administration beating back radical Republican attempts to sabotage the economy over the debt ceiling, the Bureau of Labor Statistics reports that 339,000 new jobs were added in May, 2023, much higher than anticipated by forecasters:
Payrolls in the public and private sector increased by 339,000 for the month, better than the 190,000 Dow Jones estimate and marking the 29th straight month of positive job growth.
The unemployment rate rose to 3.7% in May against the estimate for 3.5%, even though the labor force participation rate was unchanged. The jobless rate was the highest since October 2022, though still near the lowest since 1969.
Average hourly earnings, a key inflation indicator, rose 0.3% for the month, which was in line with expectations. On an annual basis, wages increased 4.3%, which was 0.1 percentage point below the estimate. The average work week fell by 0.1 hour to 34.3 hours. (our emphasis)
The robust jobs report confirms that despite some persisting inflation, businesses are hiring and the economy's basics are healthy. As funds from President Biden's infrastructure legislation continue to boost jobs in construction and infrastructure, the job growth in that sector should provide a strong foundation for further economic growth.
BONUS: Economists give jobs news great reviews.
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