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Economic Trends

At 38,000 May’s Job Gains Are Down Sharply

By: Beth Mace  |  June 03, 2016

The Labor Department reported that nonfarm payrolls increased by only 38,000 positions in May, much less than the 160,000 positions consensus projection. Over the past 3 months, monthly job increases have averaged 116,000, down sharply from the average gain of 240,000 over the past two years. The weakness in May’s payrolls was broad-based. Employment fell in information services, temporary services, manufacturing, construction, and mining, but increased in government, leisure and hospitality, financial services, and retail. The 34,000-job loss in information largely reflected the effects of the Verizon strike, which occurred during the reporting period. Workers returned to work this week.

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