Employment in the US exceeds expectations

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Employment in the US exceeds expectations

The U.S. Department of Labor released the country’s employment data for May. Accordingly, it was seen that the employment rate exceeded monthly expectations.

Employment in the US exceeds expectations

The U.S. Department of Labor released its employment report for May.

Accordingly, employment in non-agricultural sectors in the country increased by 390 thousand people in May.

The non-agricultural employment data, which was above market expectations, was expected to increase by 325 thousand people in this period.

EMPLOYMENT REDUCED
The sectors with the highest employment growth in May were leisure and hospitality, professional and commercial services, and transport and succession. During this period, employment in the retail trade sector decreased.

The data for March and April of last year on non-agricultural employment figures were revised. Accordingly, the increase in non-agricultural employment in March was reduced from 428 thousand to 398 thousand, while the increase in April data was increased from 428 thousand to 436 thousand.

UNEMPLOYMENT RATE AT ITS LOWEST LEVEL

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The unemployment rate in the US was unchanged in May at 3.6 percent.

The unemployment rate, which exceeded expectations in this period, was expected to be at 3.5 percent.

The unemployment rate, which has remained unchanged for three months, remained at the lowest level since February 2020.

The number of unemployed in the country increased by 9 thousand people in May to 5 million 950 thousand people. The labor force participation rate increased by 0.1 point to 62.3 percent in this period.

While the average weekly working hours were unchanged at 34.6 during this period, the average hourly earnings carefully watched by the US Federal Reserve (Fed) increased by 0.3 percent to $ 31.95. The increase in average hourly earnings was slightly below market expectations of 0.4 percent.

The unemployment rate in the United States reached an all-time high of 4.4 percent to 14.8 percent in April 2020 due to the impact of the new type of coronavirus (Covid-19) outbreak.

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Analysts said recent data pointing to a tight labor market showed the economy continues to strengthen at a time when the Fed is raising interest rates to contain inflation.

FİKRİKADİM

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