New job creation came in at the 339,000 mark in May, an increase that surprised analysts, representing the latest the latest upturn in a steady upward pattern first reported in January of 2022.
According to the U.S. Bureau of Labor Statistics, the 339,000 jump was the strongest increase since the first month of this year. In April, the upturn came in at 294,000.
A narrative accompanying the new BLS numbers noted that “job gains occurred in professional and business services, government, health care, construction, transportation and warehousing, and social assistance.”
The construction sector saw the addition of some 25,000 new jobs in May, with residential, nonresidential, heavy and civil engineering, all seeing increases. Overall, new job growth in the industry is up from just over 152,000 a year ago to around 156,100 today.
In looking at the latest construction job figures, an Associated General Contractors of America press release noted that “construction firms are boosting pay and taking other steps to recruit workers amid tight labor conditions.”
Other sector growth: profession and businesses services, up by 64,000; health care with a 52,000 gain; and leisure and hospitality, which had taken a hit during the Covid 19 years of 2020 and 2021, up by 48,000.
At the same time, actual wages in May grew by only 0.3%, down from a more substantial 4.4% gain in April.
Responding to the newest job report, President Biden said: “The really good news is that working-age Americans are participating in the labor force with the highest rate in 15 years.”
“We obviously have more work to do, but we’re trending in the right direction, and I think we’re making real progress,” he continued.
By Garry Boulard
