Global| Jun 05 2015U.S. Job Growth is Unexpectedly Firm; Unemployment Rate Ticks Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Nonfarm payroll employment during May increased 280,000 (2.2% y/y) following a downwardly revised 221,000 April rise. The latest increase outpaced expectations for 220,000 in the Action Economics Forecast Survey. Improvement in [...]
Nonfarm payroll employment during May increased 280,000 (2.2% y/y) following a downwardly revised 221,000 April rise. The latest increase outpaced expectations for 220,000 in the Action Economics Forecast Survey. Improvement in services employment led last month's jobs increase. The unemployment rate rose to 5.5% versus expectations for stability at 5.4%. The overall unemployment rate, including marginally attached and those working part-time for economic reasons, held steady at 10.8%. Average hourly earnings improved 0.3% (2.3% y/y) compared to expectations for a 0.2% rise.
The labor market data is contained Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figure is in the AS1REPNA database.
| Employment: (M/M Chg., 000s) | May | Apr | Mar | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 280 | 221 | 119 | 2.2% | 1.9% | 1.7% | 1.7% |
| Previous | -- | 223 | 85 | -- | -- | -- | -- |
| Manufacturing | 7 | 1 | 6 | 1.4 | 1.4 | 0.8 | 1.7 |
| Construction | 17 | 35 | -12 | 4.7 | 4.8 | 3.7 | 2.1 |
| Private Service Producing | 256 | 185 | 137 | 2.7 | 2.2 | 2.2 | 2.2 |
| Government | 18 | 15 | 3 | 0.5 | 0.0 | -0.3 | -0.8 |
| Average Weekly Hours - Private Sector | 34.5 | 34.5 | 34.5 | 34.5 (May'14) |
34.5 | 34.5 | 34.4 |
| Private Sector Average Hourly Earnings (%) | 0.3 | 0.1 | 0.3 | 2.3 | 2.1 | 2.1 | 1.9 |
| Unemployment Rate (%) | 5.5 | 5.4 | 5.5 | 6.3 (May'14) |
6.1 | 7.4 | 8.1 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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