In May the U.S. economy added 217,000 jobs, according to the U.S. Bureau of Labor Statistics’ Employment Situation report released on June 6. The U.S. unemployment rate remained unchanged at 6.3%, averaging 6.52% for the year seasonally adjusted
According to the BLS Establishment Survey Data jobs in the Government sector were basically unchanged from April to May adding 1,000 jobs to the sector overall. Local Governments added 11,000 workers while State and Federal Government both decreased workers by 5,000.
ADP’s National Employment Report released on June 4 showed a slight downward trend in hiring in May. Nonfarm payroll jobs in Private sectors increased 179,000. May’s increase was below the previous three month average of 198,000 and slightly below the previous six month average of 183,000.
According to ADP, the Service-providing sector continued to add the greatest majority of jobs overall with an increase of 150,000 or 0.15% from April. At 0.15% the Service-providing sector increase was slightly lower than the previous three month average increase of 0.18%.
Goods-producing employment also increased 0.15% in May. Goods-producing jobs increased to 19.036 million adding 29,000. In the Goods-producing job sector nonfarm payrolls increased 0.11% in April and 0.15% in March.
U.S. financial markets were up for the week following the employment data releases. The S&P 500 added 1.27% for the June 6 week with an increase of 0.46% on Friday, June 6. The S&P 500 continues to remain above 1,900 with a June 6 close of 1,949.44.
The Dow Jones Industrial Average was also up following the June 6 week’s employment data releases. The index added 1.24% for the week and closed at 16,924.28 with an increase of 0.52% on Friday, June 6. Year to date the DJIA has gained 2.23% with Industrial stock Caterpillar continuing to lead index returns increasing 21.69%.