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On June 2, the Bureau of Labor Statistics released its May 2023 Jobs Report. The report revealed that the national unemployment rate dropped to a historic low of 3.3%. This is the lowest rate since December 1969 and marks the sixth consecutive month of job gains.
The report also showed that nonfarm payroll employment increased by 559,000 in May, an increase of 0.35%. This marks a continuation of the trend seen in the last six months, where employment has grown steadily.
The largest gains in the May report were seen in leisure and hospitality, which added 231,000 jobs, followed by education and health services (adding 111,000 jobs), and professional and business services (adding 97,000 jobs).
The report also revealed a good news for wages, as average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $31.60. This marks the sixth consecutive month of wage growth, with wages now up 3.2% from a year ago.
Overall, the May 2023 Jobs Report is good news for the American economy. The continued growth in jobs and wages are an encouraging sign that the economy is continuing to recover from the pandemic. With the national unemployment rate now at its lowest level in over 50 years, this report is a testament to the resilience of the American workforce.