The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and confirm payroll employment changed little (+38,000), the U.S. Bureau of Labor Statistics reported today. Employment increased in health care. Mining continued to lose jobs, and employment in information decreased due to a strike.
Household Survey Data
In May, the unemployment rate declined by 0.3 percentage point to 4.7 percent, and the number of unemployed persons declined by 484,000 to 7.4 million. Both measures had shown little movement from August to April. (See table A-1.)
Here is a table of the best years for job growth since 1980 with the worst month of the year (this is after revisions). Obviously there is a significant amount of volatility month-to-month in the employment report.
Chosen excerpts by Job Market Monitor. Read the whole story at Calculated Risk: Payroll Employment: Best Years, Worst Month