The May jobs report came in much hotter than expected, with hiring at the leisure and hospitality industry leading the way.
Employers added 390,000 jobs in May, the Labor Department said in its monthly payroll report released Friday, beating the 328,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, held steady at 3.6%, the lowest level since February 2020."This does not look like a labor market about to tip into recession," said Daniel Zhao, senior economist at jobs review website Glassdoor.
"Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined," the Labor Department said in the report. Transportation and warehousing also saw a hiring boom last month, onboarding 47,000 new employees. There was a big jump in hiring of heavy and tractor-trailer truck drivers, with that sector adding 13,300 new workers last month. Air transportation also climbed, with 5,700 new employees.
The government also onboarded many new employees last month, with payrolls climbing by about 57,000. The bulk of those stemmed from increases in state government education and local government education .
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