Payroll employment in the U.S. increased by 217,000 jobs in May, almost exactly what was expected. There was very little revision to the preceding two months. As a result, payrolls increased by more than 200,000 jobs per month in each of the past four months, the longest monthly streak with 200,000 or more jobs added since 2000. With this increase, payroll employment, the U.S. has finally recovered from the recession. For the first time since January 2008, employment is at a new all-time high.
Over the past four months, employment has increased at an average of 231,000 jobs per month, an annual rate of 2.8 million jobs.
The growth in employment was broad based across almost every major sector, with large increases in professional and business services (+55,000); education and health (+63,000) and leisure and hospitality (+39,000).
One unusual decline was in the information sector, where employment fell by 5,000 jobs. This decline was entirely due to a 9,200 person decline in the motion picture and broadcasting industry. Over the past year employment in this industry has plunged by 15%.
Office-using employment (the sum of financial,professional and business services and information) increased by 53,000 jobs, continuing the healthy growth that has characterized these sectors throughout the recovery. In other CRE-related sectors, employment in retail trade climbed 12,500 jobs and distribution-related employment rose by 26,300 jobs.
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