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Employment increases in May; back to pre-recession levels

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Employment increases in May; back to pre-recession levels

217,000 jobs created during month; unemployment holds at 6.3%.

Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate held at 6.3%, the U.S. Bureau of Labor Statistics reported today. Consensus estimates had expected an increase of 218,000 new jobs.

Total employment has now reached pre-recession levels – an important milestone for the US economy.

The good news was tempered somewhat by the continued historically low employment participation rate, which was unchanged in May, and which is the primary reason the unemployment rate has fallen over the past couple of years. 

The number of unemployed persons remained flat at at 9.8 million.

Over the prior 12 months, the number of unemployed persons has declined 1.9 million, while the unemployment rate has declined by 1.2 percentage points.

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The full report can be found here.

 

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