May Jobs Report

  • Nonfarm payroll increased by 75,000 in May (263,000 reported, actual revised 153,000)
  • Unemployment steady at 3.6%
  • Employment continued to trend up in professional and business services and in health care.
  • Number of unemployed persons little changed at 5.9 million(5.8 million)
**April numbers in parentheses

Consensus estimate according to was 185,000 increase, so far less than forecast. March and April numbers were revised lower by 75,000. Unemployment rate held steady at a five decade low. Average hourly earnings fell by 0.1 percent to 3.1%.

Disappointing report, and the trade war isn’t going to help.

“This gives us a real sense of deceleration in the U.S. economy,” said Diane Swonk, chief economist at accounting firm Grant Thornton. “We knew this was occurring, but this could be a summer of discontent. It also gives the Fed a green light to cut rates.”

Happy Friday!