The U.S. Bureau of Labor Statistics (BLS) reported Friday that the U.S. economy added 272,000 jobs in May, surpassing expectations by a significant margin. The figure is well above the Goldman Sachs and JPMorgan forecasts of 165,000 and 150,000 jobs, respectively. The median nonfarm payroll estimate was 180,000.
Despite this robust increase in payroll numbers, the unemployment rate unexpectedly rose to 4.0 percent from April’s 3.9 percent. May marked the second straight month of increasing unemployment.
In addition to the unemployment increase, the job numbers continue to show the concerning trend of full-time work being replaced by part-time work. The number of full-time workers decreased on the net by roughly 625,000. Meanwhile, part-time workers increased by 286,000.
The National Pulse has covered the mounting evidence that job growth under the Biden government has almost entirely been fueled by immigrant labor , leaving native-born Americans struggling in the job market. The May jobs […]
— Read More: thenationalpulse.com
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