By Tom Burnett CFA
On June 7, 2024, the Bureau of Labor Statistics issued its May Employment Report. The employed total increased by 272,000, above the 233,000 monthly average gain over the past 12 months. The unemployment rate rose from 3.9% to 4.0%. That rate has now been measured at 4.0% or lower for the past 30 months. The number of unemployed workers is now 6.6 million, up from 6.1 million one year ago.
The average hourly wage for nonfarm payroll workers rose 0.4% to $34.91, up 4.1% from a year ago.
Total revisions to earlier March and April reports equaled a decline of 15,000 jobs.
The next Employment Report will be issued on July 5, 2024.
Tom Burnett CFA is Director of Research