April’s job report saw the number of open jobs increase slightly to 10.1 million. The number of new Nonfarm payrolls came in at 339,000 for the month of May, which came, again, as a surprise for economists, who were all expecting only 139,000 new, nonfarm jobs. Unemployment also increased to 6.1 million, rising to 3.7% from the month of April. Transportation and Warehouse job openings rose by 24,000 for the month of May, as well. The Federal Reserve is debating on whether to continue to raise interest rates to balance inflationary trends, with another vote coming up shortly.
April's Job Opening and Turnover Survey
At the end of April, job openings increased to 10.1 million, and hires didn’t change from the 6.1 million of the previous month. The quit rate fell minimally to 3.8 million, and layoffs and discharges also decreased to 1.6 million.
Several sectors saw increases in job separations. Government employment and the Healthcare industry saw gains of 10,000 and 24,000, respectively. Leisure and Hospitality quits trended down by 18,000, with employment still gaining ground on their levels from February of 2020.
While there was a small decrease in the number of quits (3.8 million), as well as a decrease in layoffs/discharges (1.6 million), the numbers for April only make minor adjustments from the report from March.
May's Jobs Report
Non-farm payrolls grew by 339,000 in May, a surprise increase since the experts had predicted only 139,000 Non-farm payrolls would be added. Unemployment increased to 3.7%, while the labor force participation rate continued to stay the same at 62.6%. Unemployment has maintained a steady range of 3.4% to 3.7% since March of 2022.
Transportation and Warehousing jobs increased slightly last month by 24,000. There has been, according to the government reports, no discernible trend for the Transportation industry in quite a few months. Leisure and Hospitality added 48,000 in May. Government (+56,000) and Healthcare (+52,000) also saw gains in May. Meanwhile, the Mining and Manufacturing industries continued to see little change in the number of jobs last month.
Conclusion
The May Jobs Report and the April Job Opening and Turnover Survey reveal that the labor market is still in charge of the economy, something everyone has gotten used to hearing when these reports come out. The Federal Reserve is considering another interest rate hike to make this process continue, with their next meeting coming up soon.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.
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