Total nonfarm payroll employment rose by 559,000 in May, the Bureau of Labor Statistics reported Friday—up substantially from May’s tepid numbers but still below consensus expectations, as hiring slowly recovers from the coronavirus pandemic.
In the days ahead of last Friday’s employment report from the Bureau of Labor Statistics, prognosticators went big, with consensus anticipating nearly one million new April jobs and even one economist confidently predicting 2.1 million new jobs. Alas, nearly everyone was wrong.
Initial claims for unemployment insurance fell to under 500,000 for the first time in more than a year, a further indication ahead of this morning’s employment report that the nation’s economic recovery—and rapid jobs creation—continue to gain steam.
The Federal Open Market Committee yesterday, to no one’s surprise, left the federal funds rate unchanged at 0-0.25%. But analysts, including Mortgage Bankers Association Chief Economist Mike Fratantoni, were more interested in what the FOMC had to say about economic conditions and rising inflation.
Initial claims for unemployment insurance rose for the second straight week, the Labor Department reported yesterday, but their impact appears to have diminished amid stronger jobs reports and a growing U.S. economy.
Another sign that the U.S. economy is heating up: the Bureau of Labor Statistics on Friday reported total nonfarm payroll employment rose by 916,000 in March, while the unemployment rate fell to 6 percent.
Initial claims for unemployment insurance rose by more than 60,000 last week—a setback after the previous week’s sharp drop. But the Labor Department said the positive downward trend is likely to continue.
Initial claims for unemployment insurance fell by nearly 100,000 last week, dropping below 700,000 for the first time since the coronavirus pandemic staggered the U.S. economy last March, the Labor Department reported yesterday.