July 14, 2024 11:00 pm
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National News

U.S. Job Growth Continues to Outpace Expectations 

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The U.S. Department of Labor’s Bureau of Labor Statistics released national jobs numbers for the month of May. The U.S. added 272,000 jobs in May, well ahead of the 165,000 added in April and 82,000 more than were anticipated by Dow Jones projections. 

The bulk of the job growth came via the health care, government, and leisure and hospitality sectors. Those added 68,000, 43,000 and 42,000 positions, respectively. The professional, scientific and technical services sector, social assistance sector, and retail sector also combined for 60,000 new jobs.  

Beyond job growth, average earnings increased and were higher than expected. Average hourly earnings grew by 0.4% and are up 4.1% from this time last year. Estimates were anticipating 0.3% for the month and 3.9% year-over-year. 

Unemployment saw minor changes, with a 0.1% increase from April as the rate ticked up slightly to 4%. But with job and wage growth, two major economic indicators are positive and a sign of a strong labor market. 

State and local data will be released by the U.S. Bureau of Labor Statistics’ Northeast Information Office in the coming weeks.