217K Jobs Added In May, In Line With 215K Expected; Unemployment Rate 6.3%
In a report that was a complete snoozer, largely as many had expected, in May the US Economy is said to have added 217K seasonally adjusted jobs, virtually in line with the 215K expected, while the unemployment rate remained at 6.3%. According to the household survey the number of jobs added was 145K, not a huge deviation from the Establishment survey.
The number of people not in the labor force declined by a tiny 9K to 92.009 million, also virtually unchanged.
The labor participation rate was unchanged at a 30+ year low of 62.8%
Perhaps the "best" news is that at 138,463 people employed, we have now surpassed the January 2008 prior cycle highs. It only took 6 years.
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