Payrolls Rise Less than Forecast; Unemployment Dips to 4.6%
.S. payrolls rose by 75,000 in May and the unemployment rate inched down to 4.6%, the Labor Department reported Friday.
The jobs gain followed a revised 126,000 rise in April, which had originally been reported at 138,000. The unemployment rate in April was 4.7%.
The May level was well below analysts’ forecasts 170,000 new jobs, Bloomberg reported.
ervice-industry employment, which includes retailers, banks and government agencies, rose 85,000 in May following an 81,000 increase.
The unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.
Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.
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