# Economy adds back 559,000 jobs, still missing estimates
| |
May (April) |
Expected |
|
| Non-farm payrolls |
+559,000 (+278,000) |
+675,000 |
short |
| Unemployment rate |
5.8% (6.1%) |
5.9% |
|
| Average hourly Earnings (MoM) |
0.5% (0.7%) |
0.2% |
|
| Average hourly Earnings (YoY) |
2.0% (0.4%) |
1.6% |
|
- The U.S. economy is stil about 7.6 million jobs shorts of its pre-pandemic levels from February 2020.
- World require more than a year to recoup this deficit at the current pace of job gains.
- The drop in Unemployment rate came alongside an unexpected drop in the labor force participation rate to 61.6% from the 61.7% (It suggest a smaller share of Americans out of work returned to the labor force to look for or take new jobs.)
# Sectors
- Service : surge in re-employment during the month
- Leisure and Hospitality : added 292,000 jobs (328,000 in April), But still about 2.7 million jobs short of pre-pandemic levels.
- Education and Health : added 87,000 jobs (more than 3 times the April gain)
- Professional and Business, Transportation and Warehousing, Temporary help services : swung back to job gains
- Goods producing : up slightly
- Construction : shed jobs
- Manufacturing : a gain of 23,000 jobs (a loss of 32,000 in April)
# 테이퍼링 우려 감소에 따라 성장주 주목받을 것
- 시장 기대치를 다시 한번 못 미침에 따라 테이퍼링 및 금리 인상에 대한 논의가 뒤로 밀릴 것.
- 이는 잠시 후순위로 밀렸던, 성장주에 대한 시장의 관심을 불러일으킬 것으로 예상됨.
"It remained difficult for many firms to hire new workers, especially low-wage hourly workers, truck drivers, and skilled tradespeople," according to the Beige Book on Wednesday.
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