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May Jobs Beat Forecasts, Unemployment Rate Ticks Up

March and April's job gains were revised downward


now hiring sign 630U.S. employers hired more workers than expected last month.

On Friday, the Labor Department released its monthly non-farm jobs report for May. The report found that the economy added 175,000 new jobs last month. That topped the 165,000 new jobs anticipated by economists, USA TODAY notes.

HSBC Slashes 14K More Jobs
HSBC Slashes 14K More Jobs

Despite the better-than-expected hiring numbers, the government said that the nation’s unemployment rate edged up from 7.5% in April, to 7.6% in May, as 420,000 more people tried to return to the job market.

Government jobs fell by 3,000 last month, while companies hired 178,000 workers. Companies hired 26,000 more temporary workers during the month. While most other sectors added jobs, manufacturing shed 8,000 jobs in May.

On a down note, the government revised lower previous estimates for March and April job gains by a combined 12,000.

Earlier this week, payroll processor ADP (ADP) reported that private employers added just 135,000 jobs in May.

Article printed from InvestorPlace Media,

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