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📰 BLS News Release📰 Happy Friday! Before we officially close out the week there’s time for one more report! This morning the Bureau of Labor Statistics released The Employment Situation Report of May 2024. Here are the key highlights from May: 1) Unemployment Rate- This past month we saw the unemployment rate inch up just to 4.0%, representing 6.6 million unemployed people A. Refer to BLS chart 1 to see the change over time from May 2022 2) Household Survey Data A. Long-term unemployed (20.7% of unemployed persons) B. Labor force participation rate (62.5%) C. Employment-population ratio (60.1%) D. Number of persons not in labor force, currently searching (5.7 million) 3) Establishment Survey Results A. Nonfarm payroll employment increase by 272,000 in May. B. Healthcare industry job growth (+68,000) C. Government employment increase (+43,000) D. Leisure and hospitality (+42,000) E. Professional, Scientific, and Technical Services (+32,000) F. Social Assistance (+15,000) G. Retail Trade (+13,000) The unemployment rate has reached 4.0%, this is the highest it has been since the start of 2022. May did not bring any significant changes to the categories represented in the household survey data. However, the establishment survey showed us higher than anticipated increase of nonfarm jobs for May, a huge increase from April and the estimated numbers. For more detailed information, we encourage you to read the full report at Employment Situation - 2024 M05 Results (bls.gov)

  • Source: Bureau of Labor Statistics 
Unemployment Rate May 2022-May 2024 Chart

how to improve the job market? Do you have any suggestions?

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