Job growth in the US saw surprising and encouraging results in May, the latest figures released by the US Bureau of Labor Statistics show. This growth outpaced expectations, bucking earlier forecasts of a plateau in the job market.
Total nonfarm payroll employment rose by 339,000 jobs in May compared to the month prior, the strongest monthly job growth of 2021. The leisure and hospitality sector was the largest factor in the gain, accounting for almost one-fifth of the employment increase. Other notable sectors that showed strong gains included education and health services, professional and business services, retail trade, and construction.
Key Points:
• Total nonfarm payroll employment rose by 339,000 jobs in May
• Leisure and hospitality sector was the largest contributor
• Other notable job gains seen in education and health services, professional and business services, retail trade, and construction
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