June 5 - Employment Numbers
The US government announced today that the country added 172K+ in May, surpassing expectations by 80K (unemployment remained at 4.3%. Here is the breakdown:
1. Payroll net gains = 188K - a 90 pace not experienced since March 2024
2. Leisure and Hospitality - added 70K new jobs (not expected by those in that sector - seasonality + World Cup
3. Local government - 55K new hires - largest gain in 24 months
4 Healthcare and social services - 47K
Industries that lost jobs - Retail, Information Technology (IT - Tech) - Finance and Air Transportation (attributed to the bankruptcy of Spirit Airlines.
In other words - the unemployment rate remained steady as new people entered the workforce but the number of people looking for work remains constant at 61.8%.
More later...
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