Slightly exceeding economists’ expectations, the U.S. job market continues to grow with employers having added 217,000 jobs in May. While the job market continued to develop, the unemployment rate remains static at 6.3%.
In addition to the unemployment rate, the labor force participation rate and number of long-term unemployed also stayed the same. The labor force participation rate, remaining unchanged at 62.8%, is the lowest reported rate in decades. And 3.4 million Americans have been out of work for at least 27 weeks.
Although the Bureau of Labor has reported far less movement regarding this month’s unemployment progress, the May Jobs Report marks the 4th consecutive month of 200,000+ payroll increases—a trend that hasn’t occurred since 1999.
The consistent job growth within the U.S. labor market not only signifies financial development, but also showcases the nation’s increase in economic stability.