The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added 272,000 jobs in May, surpassing expectations by a significant margin. The figure is well above the Goldman Sachs and JPMorgan forecasts of 165,000 and 150,000 jobs, respectively. The median nonfarm payroll estimate was 180,000.
Despite this robust increase in payroll numbers, the unemployment rate unexpectedly rose to 4.0 percent from April’s 3.9 percent. May marked the second straight month of increasing unemployment.
In addition to the unemployment increase, the job numbers continue to show the concerning trend of full-time work being replaced by part-time work. The number of full-time workers decreased on the net by roughly 625,000. Meanwhile, part-time workers increased by 286,000.
The National Pulse has covered the mounting evidence that job growth under the Biden government has almost entirely been fueled by immigrant labor, leaving native-born Americans struggling in the job market. The May jobs data further corroborated this issue. Foreign-born workers saw job gains of 414,000, while native-born workers saw a net loss of 663,000.
One of the few bright spots for the Biden government, outside of top-line jobs numbers, was continued improvement in earnings. Wages rose by 14 cents, or 0.4 percent, in May to $34.91. This increase is double April’s rise of 0.2 percent and exceeds the expected 0.3 percent. Annual hourly wage growth also accelerated to 4.1 percent, up from 4.0 percent in April. However, the strong earnings numbers do come with a caveat as they, combined with the job gains, likely mean the Federal Reserve will push back any plans to cut interest rates.
As more and more Americans lose their full-time jobs and have to replace them w/ part-time ones (typically multiple), the average hours worked per job has come way down, and is now below the long-run average; same idea applies to those w/ both a full- and part-time job: pic.twitter.com/c2cnC5kM0C
— E.J. Antoni, Ph.D. (@RealEJAntoni) June 7, 2024
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The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added 272,000 jobs in May, surpassing expectations by a significant margin. The figure is well above the Goldman Sachs and JPMorgan forecasts of 165,000 and 150,000 jobs, respectively. The median nonfarm payroll estimate was 180,000.
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