The Economy Adds 38,000 Jobs in May, and Unemployment Dips To 4.7%

The U.S. economy added 38,000 jobs in May and unemployment fell to 4.7%, down from 5.0% in April, according to figures released this morning by the U.S. Bureau of Labor Statistics.

In response to the May jobs numbers, AFL-CIO Chief Economist William Spriggs said:

The report continues to document the headwinds of the global slowdown on manufacturing employment. Combined with modest wage gains, the Fed must consider the high downside undercurrents in the data to sustaining the growth of the economy.

Spriggs also tweeted the following:

Last month’s biggest job gains were in health care (46,000). The mining industry and employment in information saw losses. According to BLS, other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, financial activities, leisure and hospitality, and government, changed little over the month.

Among the major worker groups, the unemployment rates for adult men (4.3%), adult women (4.2%), whites (4.1%), and Hispanics (5.6%) declined in May. The rates for teenagers (16.0%), blacks (8.2%), and Asians (4.1%) showed little or no change.

The number of long-term unemployed (those jobless for 27 weeks or more) declined to 1.9 million in May and accounted for 25.1% of the unemployed.