Jobs Report Shows Cooling Economy

Total non-farm payroll employment edged up in May (+75,000), and the unemployment rate remained at 3.6%, the U.S. Bureau of Labor Statistics reported today.
The gain was far smaller than that reported for the previous two months, providing fresh evidence that the economy is cooling and giving the Federal Reserve another reason to cut its benchmark interest rate this month.
U. Ivanov/Creative Commons
The unemployment rate remained at 3.6%in May, and the number of unemployed persons was little changed at 5.9 million. Both the labor force participation rate, at 62.8%, and the employment-population ratio, at 60.6%, were unchanged in May.
Average hourly earnings for all employees on private non-farm payrolls increased by 6 cents to $27.83. Over the year, average hourly earnings have increased by 3.1%.
Monthly job gains have averaged 164,000 in 2019, compared with an average gain of 223,000 per month in 2018. Construction employment changed little in May (+4,000), following an increase of 30,000 in April. The industry has added 215,000 jobs over the past 12 months.

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