U.S. Jobless Rate Edges Up; 175K Jobs Added
The nation's jobless rate ticked up slightly in May, to 7.6 percent, despite a rebound in job growth that slightly exceeded market expectations, the government reported today.
U.S. employers added a net 175,000 jobs last month, led by service sectors such as retail, restaurants and professional and business services, the labor department said in its widely watched monthly employment report. The health-care industry also added 11,000 jobs, with most – 7,000 – coming in home health care services and another 4,000 in outpatient care facilities. That more than offset a loss of 6,000 jobs in hospitals, the report said.
Employment in other major industries, including construction, manufacturing, wholesale trade, transportation and warehousing, and financial activities, showed little or no change.
In the government sector, federal employment declined by 14,000 in May. Over the past three months, federal government employment has decreased by 45,000.
Analysts polled by Yahoo Finance were expecting the jobless rate to stay at 7.5 percent. Over the last 12 months, the rate fell from 8.2 percent. The report said there were about 100,000 more unemployed people in May compared with April, and an increase of about 300,000 who want jobs.
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