Jobs Report: 38K Jobs Added in May

Posted by Paladin on June 03, 2016

An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) May 2016 monthly jobs report.

The Bureau of Labor Statistics announced only 38,000 jobs were added in May, much weaker than economist expected. In spite of the decrease in the amount of new jobs created compared with previous months, the national unemployment rate decreased by 0.3% to 4.7% — the lowest figure since November 2007, when the unemployment rate was 4.6 percent.  The number of unemployed persons declined by 484,000 to 7.4 million. Hourly wages increased by $0.5 to $25.59 per hour, bringing the year-over-year wage percentage increase to 2.5%.

The employment changes in May defied expectations for the month, which anticipated continued six-figure job growth on par with previous months. Economists feel this is near full employment for the nation.

Revisions to previous months: The change in total nonfarm payroll employment for March was revised from +208,000 to +186,000,  and the change for April was revised from +160,000 to +123,000.May Jobs Report: 38K Jobs AddedLet’s break down the numbers from this month’s report:

  •  Wages:
    • $29.59 May
      • +$0.5 month-over-month
      • +2.5% year-over-year
    • $25.54 April
  • Unemployment:
    • 4.7% May
      • -0.3% month-over-month
      • -0.8% year-over-year
    • 5.0% April
      • +0% month-over-month
      • -0.4% year-over-year

May 2016 Unemployment Rate

In-Depth Look: Top Industries

Check out our analysis of some top industries:

  • Health Care
    • Month-over-month change: +46,000
    • +487,000 jobs added since May of last year
  • Professional and business services
    • Month-over-month change: +10,000
    • 525,000 jobs added since May of last year
  •  Construction
    • Month-over-month change: -15,000
    • +219,000 jobs added year-over-year
  •  Manufacturing
    • Month-over-month change: -10,000
    • -39,000 jobs lost year-over-year
  • Legal Services
    • Month-over-month change: +100
    • +3,800 jobs added since May of last year

In-Depth Look: Creative and Marketing Jobs

Taking a closer look at the industries subsectors:

  • Publishing
    • Month-over-month: +1,800
    • Year-over-year: +2,200
  • Motion Picture and Sound Recording
    • Month-over-month: 0
    • Year-over-year: +26,900
  • Broadcasting
    • Month-over-month: -900
    • Year-over-year: -1,100
  • Specialized Design
    • Month-over-month: +1,300
    • Year-over-year: +8,800
  • Advertising
    • Month-over-month: +1,500
    • Year-over-year: +15,500

The market remains extremely competitive for employers hoping to hire top professionals. But there are some things you can do to establish your business in the marketplace as a great place to work. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. Request a free copy of our 2016 Salary Guide – a comprehensive resource for salaries across the industry – to get the latest salary insights that will help you hire the industries top professionals.

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