U.S. payrolls and jobless rate up
U.S. payrolls grew again in May. But the unemployment rate edged up as more people searched for worked.
The Labor Department reported that nonfarm payrolls rose an estimated 175,000 with gains spread across several industry sectors.
The jobless rate inched up a tenth of a point to 7.6 percent, an increase attributed to more unemployed workers rejoining the work force to look for jobs.
While the estimate for payroll gains in March was revised upward 4,000 to 142,000, the estimate for April was revised downward 16,000 to 149,000.
Given the latest numbers, nonfarm payrolls have increased an average of 172,000 a month over the past year.
For May, business and professional services added 57,000 net new jobs, with temporary help services accounting for nearly half the gain. The leisure and hospitality sector added 38,000 jobs, while retail trade employment increased 28,000. Meanwhile, federal government payrolls decreased 14,000.
The average workweek for employees on private, nonfarm payrolls remained unchanged at 34.5 hours in May. The manufacturing workweek edged up a tenth of an hour to 40.8 hours.
Average hourly earnings for employees on private, nonfarm payrolls inched up a cent to $23.89. Over the past year, hourly eanings have increased 46 cents, or about 2 percent.