Employment Research Brief

Generally positive labor report carries caveats. Employers brought on 139,000 new personnel on net in May, marking the second-most active month for hiring this year, behind only April. This most recent job creation tally, however, trails the 2024 monthly average by about 29,000 positions. Last month’s greater headcount was also highly concentrated, with 90 percent of the net employment gain stemming from the private education, health services, leisure and hospitality sectors. At the same time, the professional and business services sector shed 20,000 temporary service positions, while the Federal government also relinquished 22,000 jobs. Although May’s hiring figures exceeded expectations, the composition of those additions nevertheless reflects a quieter labor market in many fields.