Published: Fri, June 02, 2017
Money | By Armando Alvarado

US job market looks solid 8 years after recession ended

As per the Labor Department, The payrolls of nonfarm have been increased to 138,000 last month due to government, manufacturing, and retail sectors lost their jobs.

Having risen as much as 0.3% in pre-market trading, the equity benchmark slid on the news and is now nearly completely flat.

The US unemployment rate fell to a 16-year low in May but monthly job creation saw a sharp slowdown, the Labor Department reported Friday. Average hourly earnings rose four cents or 0.2 percent in May after a similar gain in April.

Economists had been expecting to see job gains of about 185,000, NPR's Yuki Noguchi reports, and to see the unemployment rate holding steady. It meets later in June and is expected to raise borrowing costs for the second time this year, confident that low wage inflation will prove to be transitory. The SLS LUX is a 57-story residential and hotel property developed by the Related Group, and is scheduled to open in 2017. Those companies reduced their payrolls by 11,000 last month after adding 41,000 net new jobs in April.

On Friday, when the government releases the jobs report for May, that pattern is likely to extend itself. Few economists foresee another downturn looming, in part because the recovery from the recession has been steady but grinding, with little sign of the sort of overheated pressures that normally trigger a recession.

"Among the unemployed, the number of job losers and persons who completed temporary jobs declined by 211,000 to 3.3 million in May", according to the BLS report. That's right in line with the monthly average of 174,000 over the past three months.

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A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell two-tenths of a percentage point to 8.4 percent, the lowest since November 2007.

The jobs report is a closely watched barometer of the United States economy and one of the metrics the United States central bank considers as it sets interest rates.

Employment in health care rose 24,000 in May, with mining adding 7,000 jobs, and professional and business adding 38,000 positions.

February was the first jobs report during President Donald Trump's tenure, and since then the USA economy has added 522,000 jobs. The U-6 has declined since January, an encouraging sign that jobless people who had given up hope of working are now being hired. The falling U-6 points to a relatively healthy job market.

But the influx of job seekers can also inflict a drag on pay growth. And whatever meaningful pay raises that exist are going disproportionately to managers and supervisors. Those three sectors were relatively weak in April.

ADP's latest report showed a strong rebound in construction hiring.

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