Though there was modest job growth this past May, the nation’s unemployment rate ticked up, according to recently released Bureau of Labor Statistics report Friday. It seems that 75,000 jobs were added to public and private payrolls last month, slightly more than economists had expected, but the jobless rate rose to 7.6 percent from April’s 7.5 percent. The explanation is due to the continuing rise of people coming into the job market.
“While more work remains to be done, today’s employment report provides further confirmation that the U.S. economy is continuing to recover from the worst downturn since the Great Depression,” says Alan Krueger, chairman of the Council of Economic Advisers, in a statement sent out by the White House.
“With a gain of 175,000 jobs in May, the resilient labor market sustained moderate job gains this spring,” Conference Board economist Kathy Bostjancic says in an email to reporters. “The [federal] sequester, along with the negative impact from slowing global trade, are being offset by the continued contribution from the revival in the housing market and stronger consumption.”
To break it down…here’s the industries adding jobs and the one who’re losing them–according to the BLS report;
1.Professional and business services added 57,000 jobs in May. Within this industry, employment continued to trend up in temporary help services (+26,000), computer systems design and related services (+6,000), and architectural and engineering services (+5,000). Employment in professional and business services has grown by 589,000 over the past year.
2. Within leisure and hospitality, employment in food services and drinking places continued
to expand, increasing by 38,000 in May and by 337,000 over the past year.
3. Retail trade employment increased by 28,000 in May. The industry added an average of
20,000 jobs per month over the prior 12 months. In May, general merchandise stores
continued to add jobs (+10,000).
4. Health care employment continued to trend up in May (+11,000). Job gains in home health
care services (+7,000) and outpatient care centers (+4,000) more than offset a loss in
hospitals (-6,000). Over the prior 12 months, job growth in health care averaged 24,000
5. Government, federal government employment declined by 14,000 in May. Over the past
3 months, federal government employment has decreased by 45,000.