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| Economy |
| Tepid Economic Recovery Continues |
| 2021-06-05 |
| [BureauOfLaborStatistics] Total nonfarm payroll employment rose by 559,000 in May, and the unemployment rate declined by 0.3 percentage point to 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in public and private education, and in health care and social assistance. some other tidbits: The number of persons employed part time for economic reasons was essentially unchanged at 5.3 million in May but is 873,000 higher than in February 2020. Among those not in the labor force who currently want a job, the number of persons marginally attached to the labor force, at 2.0 million, changed little in May but is up by 518,000 since February 2020. In May, 16.6 percent of employed persons teleworked because of the coronavirus pandemic, down from 18.3 percent in the prior month. Average hourly earnings for all employees on private nonfarm payrolls increased by 15 cents to $30.33 in May, following an increase of 21 cents in April. Average hourly earnings of private-sector production and nonsupervisory employees rose by 14 cents to $25.60 in May, following an increase of 19 cents in April. Unfortunately, the increase in hourly earnings has not kept up with inflation these past two months. |
| Posted by:Lord Garth |