Job Growth Shines: May Payrolls Beat Predictions by 339K
Payrolls rose
339,000 in May, exceeding expectations and indicating a resilient labor market.
The U
S economy continued to generate employment in May, despite macroeconomic challenges. Nonfarm payrolls increased
to 339,000, significantly surpassing Dow Jones’ expectations
of 190,000, as a result, May marked the twenty-ninth consecutive month of positive job growth in the country.
According to the
US Bureau of Labor Statistics, although the unemployment rate rose to
3.7% compared to the estimated 3.5%, the labor market remained strong. Similarly, average hourly earnings increased by
0.3%, as expected, while annual wages rose by 4.3%, slightly below the estimate.
The term
“payrolls” refers to the total number of employees receiving a
salary or wage during a specific period.
This measure is used to assess workforce strength and job creation in an economy.
