The US labor market added more jobs than expected in May, defying previous signs of a slowdown in the economy.
Data from the Bureau of Labor Statistics released Friday showed the labor market added 272,000 nonfarm payroll jobs in May, significantly more additions than the 180,000 expected by economists.
Meanwhile, the unemployment rate rose to 4% from 3.9% the month prior. May’s job additions came in significantly higher than the 165,000 jobs added in April.
Here’s the question. Does it count as a created job if a worker retires, quits, or is fired and they are replaced by another worker or does a job only count as added if it is a new job that didn’t exist before? Thanks.
The monthly jobs report is based on surveys, it is Not a Count of jobs created. There are some 165mil people living in the United States that are part of the labor force. There are over 7mil business that have people employed. The BLS surveys 60,000 households. And, there’s also the payroll survey — which surveys 142,000 businesses and government agencies. The May job report will be revised in June and July.
“Meanwhile, the jobless rate for Black Americans rose to 6.1% from 5.6%. For Asian and Hispanic workers, respectively, it rose to 3.1% from 2.8%, and to 5% from 4.8%.”
I wonder if there is a connection between those employment numbers and the story that was posted here recently about a company advertising a job opening for “whites only”?
By the end of summer the unemployment number will be ticking downward.
What is the leading cause of unemployment in the US?
Structural and cyclical unemployment are the most common and the leading explanations for causes of unemployment. They are also the most prevalent during recessions, depressions, and financial crises.