5 Jun 2015
US Non-farm payrolls rise to 280K in May
FXStreet (Mumbai) - The labor department data in the US released today showed the US economy added 280K jobs in May, which is significantly higher than the consensus estimate of 225K. The previous month’s figure was revised lower to 221K, from 223K reported earlier.
The unemployment rate in April ticked higher to 5.5% May from 5.4% expected, while the labor force participation rate increased to 62.9% in May from 62.8% in April. Meanwhile, the average hourly earnings rose to 0.3% month-on-month in May, compared to 0.1% rise seen in April. Average hourly earnings rose 2.3% year-on-year in May, compared to 2.2% gains seen in April.
The average work week for all employees held at 34.5 hours. Strong job gains show employers are confident about the economy regaining its footing after the slump witnessed in the first quarter.
The unemployment rate in April ticked higher to 5.5% May from 5.4% expected, while the labor force participation rate increased to 62.9% in May from 62.8% in April. Meanwhile, the average hourly earnings rose to 0.3% month-on-month in May, compared to 0.1% rise seen in April. Average hourly earnings rose 2.3% year-on-year in May, compared to 2.2% gains seen in April.
The average work week for all employees held at 34.5 hours. Strong job gains show employers are confident about the economy regaining its footing after the slump witnessed in the first quarter.