US nonfarm payroll employment jumped by 559,000 in May, according to the Bureau of Labor Statistics press release. Unemployment rate slipped by 0.3% to hit 5.8%.
Total number of unemployed persons hit 9.3 million after falling by 496,000, considerably lower than April 2020 highs but higher than levels in February 2020 before the coronavirus.
Overall labor participation rate remained almost the same at 61.6%, 1.7% below the February 2020 record.
Employment-population ratio was almost the same as April 2021 at 58.0%, but is 3.1% below the February 2020 level.
6.6 million people reported needing a job, the same as April 2021, but 1.6 million higher than the February 2020 record.
U.S stocks are currently gaining as the dollar loses. SPY is up 0.57%, QQQ is up 0.93%, EURUSD is up 0.43%.
