Job growth slows in May

Private residential construction spending

Total non-farm payroll employment increased by 75,000 in May, while the unemployment rate remained at 3.6%. Residential construction employment increased by 5,200 in May, after a decline of 1,600 jobs in April. The total construction industry (both residential and nonresidential) gained 4,000 jobs in May.

According to the Employment Situation Summary for May, released by the Bureau of Labor Statistics (BLS), total non-farm payroll employment rose by 75,000, following the increase of 224,000 jobs in April. The April increase was revised downward from its original estimate of a 263,000 increase. Monthly employment growth has averaged 164,000 per month for the first five months of 2019, compared with the average monthly growth of 223,000 over all of 2018. Over the past twelve months, total non-farm payroll employment rose by 2.4 million, with the average monthly growth of 196,000.

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The unemployment rate remained at 3.6% in May, the lowest rate since December 1969. Meanwhile, the labor force participation rate, the proportion of the population either looking for a job or already with a job, was unchanged in May, at 62.8%. The number of persons unemployed was little changed at 5.9 million and the number of persons employed increased by 113,000 in May.

Read more at NAHB’s Eye on Housing blog.

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