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From Bloomberg.com:
Payrolls in U.S. Rise More Than Forecast as Wages Boosted - Bloomberg Business
In a continuing theme, skilled positions (professional and business services and health care) accounted for more than 40% of May’s employment increase. Over the last three months, skilled positions have accounted for 46% of the employment increase. Such jobs currently account for 24.5% of nonfarm employment. Further highlighting the labor market's growing emphasis on skills, the unemployment rate for those with only a high school education moved somewhat higher for the second consecutive month and up to 5.8% vs. 5.4% for April. That figure is now slightly above the national average. In contrast, the unemployment rate for those with a Bachelor's Degree or higher held steady at 2.7% while the unemployment rate for those with an Associate's Degree or some college fell for the second consecutive month to 4.4%.
The full employment situation report can be found at: http://www.bls.gov/news.release/archives/empsit_06052015.pdf
In general, this fairly robust report strengthened the argument for a rebound in economic activity from Q1. Were the economy facing a more protracted slowdown, the employment report would very likely have been weaker. All said, this data is consistent with the recently-released Federal Reserve Beige Book report. The economy is continuing to expand.
Payrolls climbed in May by the most in five months and worker pay accelerated, showing companies were upbeat about the U.S. economy’s prospects after an early-year slump.
The 280,000 advance in payrolls exceeded the median forecast in a Bloomberg survey and followed a revised 221,000 April increase, figures from the Labor Department showed Friday in Washington. The median forecast called for a 226,000 May gain. The unemployment rate crept up to 5.5 percent as more people entered the labor force, while hourly earnings rose from a year ago by the most since August 2013.
Payrolls in U.S. Rise More Than Forecast as Wages Boosted - Bloomberg Business
In a continuing theme, skilled positions (professional and business services and health care) accounted for more than 40% of May’s employment increase. Over the last three months, skilled positions have accounted for 46% of the employment increase. Such jobs currently account for 24.5% of nonfarm employment. Further highlighting the labor market's growing emphasis on skills, the unemployment rate for those with only a high school education moved somewhat higher for the second consecutive month and up to 5.8% vs. 5.4% for April. That figure is now slightly above the national average. In contrast, the unemployment rate for those with a Bachelor's Degree or higher held steady at 2.7% while the unemployment rate for those with an Associate's Degree or some college fell for the second consecutive month to 4.4%.
The full employment situation report can be found at: http://www.bls.gov/news.release/archives/empsit_06052015.pdf
In general, this fairly robust report strengthened the argument for a rebound in economic activity from Q1. Were the economy facing a more protracted slowdown, the employment report would very likely have been weaker. All said, this data is consistent with the recently-released Federal Reserve Beige Book report. The economy is continuing to expand.
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