Contact Us

'Whew': Economists React To May Jobs Report On Twitter

Nonfarm payroll employment rose by 339,000 jobs in May, more than the consensus estimates, the Bureau of Labor Statistics reported Friday.

The unemployment rate rose to 3.7% in May, the highest rate since last October. It has remained at or below 3.7% since the end of the first quarter of 2022.


The leisure and hospitality sector added 48,000 jobs in May, 33,000 of which were at food services and drinking places. The industry has averaged 77,000 monthly job gains over the last 12 months and is now short of its February 2020 pre-pandemic employment level by 349,000 jobs. 

The construction industry added 25,000 jobs in May and has added an average of 17,000 jobs per month over the past 12 months. 

The biggest job gains in May were in professional and business services, government and healthcare. Other industries relevant to commercial real estate, including manufacturing and retail trade, saw little change in May employment numbers.

Here's how economists and others reacted to the May jobs report on Twitter:



















Related Topics: jobs, Jobs Report