The U.S. labor market continued to lose steam in May, as job creation slowed further amid broader economic malaise. Employers added only 69,000 jobs over the month, the lowest job creation figure in a year. According to the new U.S. Talent Market Monthly
by workforce solution provider Kelly Services
the employment figures for April and March were also revised downward by nearly 50,000 combined, bringing average employment creation for the past three months toless than 100,000 a month.
Key developments in the U.S. labor market are:
- Weak employment gains, downward revisions to prior months’ numbers, and an uptick in the unemployment rate signal a slowdown in the fitful U.S. labor market.
- Subdued economic growth in the U.S. and cooling trends across the globe are keeping employers cautious and hiring levels muted.
- Manufacturing employment growth represents a bright spot in the tepid job market, with nearly 150,000 manufacturing jobscreated this year and almost 500,000 added since the low point in 2010.
After a robust start to the year, labor market gains have been sluggish and slowing in recent months. U.S. economic growth has been similarly subdued, and the continuing crisis in Europe threatens to keepgrowth rates subpar across much of the globe. Economic conditions are expected to improve as the year progresses, but thus far in the recovery, sustained momentum and strength in the U.S. labor market continue to be elusive.
To get more analysis and insight on the latest labor market data, download the June edition of our U.S. Talent Market Monthly report here