The U.S. Bureau of Labor Statistics reported this morning that 280k nonfarm payrolls were added during the month of May. This follows revised payrolls gains of 221k in April and 119k in March.
The Education and Health Services industry added the most jobs in May.
The Education and Health Services industry, the Leisure and Hospitality industry, and the Professional Services industry have contributed the most to job gains over the last 8 years. The Construction and Manufacturing sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 630k full-time jobs were lost in May, while part-time employment decreased by 232k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 473k and part-time jobs have increased by 2,748k.
Part-time employees made up 18.47% of the workforce in May, down from 18.68% in April.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons was 33.4%, up from 33.0%.
The unemployment rate (U-3) was 5.5% in April, an increase from 5.4% in April. The broader unemployment rate (U-6) was unchanged at 10.8%.
The spread between the U-6 and U-3, or underemployment spread, decreased to 5.3%.
Youth unemployment continues to be volatile.
Unemployment for those with less than a high school diploma was unchanged at 8.6%.
Blacks continue to experience the highest unemployment rate at 10.2%.
The labor force participation rate increased to 62.9% from 62.8%, while the employment-to-population ratio rose to 59.4% from 59.3%.
Participation among men was unchanged at 69.4% and participation among women increased to 56.8% from 56.6%.
The participation rate for prime age workers (25-54) was unchanged at 81.0%.
Since the total participation rate peaked in August 2008, participation has only risen in the 55+ age bracket.
Average weekly hours worked by production and supervisory employees increased to 33.7 from 33.6, while average hourly earnings increased to $20.97 from $20.91. Average hourly earnings have increased 2.04% from a year ago.
Average duration of unemployment in May was 30.7 weeks, down from 30.8. This metric reached a high of 40.7 in 2011, and is still elevated by historical standards.
Of those unemployed, 43.4% have been so for 15 weeks or longer.
Annual employment growth against real GDP growth: