By Tom Burnett CFA
On June 2, 2023, the Bureau of Labor Statistics released its employment report for May 2023. Total nonfarm, payroll employment increased by 339,000 to a record level of 156.1 million, some 3.8 million higher than one year ago. The unemployment rate rose from 3.4% in April to 3.7% in May. The number of unemployed workers increased by 440,000 to 6.1 million. In its May 31 report, the BLS showed an increase in Job Openings to 10.1 million, well above the 6.1 million unemployed figure.
Total employment figures for March and April were revised upward by 93,000 from previous totals.
Average hourly earnings for workers on nonfarm payrolls rose by $0.11 to $33.44, an increase of 4.3% over the past 12 months.
The next Employment Report will be issued on July 7, 2023.
Tom Burnett CFA is Director of Research.