WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 139,000 jobs were added in May, exceeding market expectations of just 125,000 jobs and beating expectations for the third straight month. May saw strong growth in leisure and hospitality, transportation, warehousing and construction.
The overall unemployment rate remained steady at a strong 4.2% in May, unchanged from April. The unemployment rate for women grew slightly to 3.9% from 3.7%. Labor force participation fell slightly to 62.4% from 62.6%.
The drop in labor force participation is driven by both a drop in men’s labor force participation to 67.7% from 67.9%. Women’s labor force participation also fell from the previous month, from 57.5% in April to 57.2% in May. Both men and women are still below pre-pandemic levels.
Carrie Sheffield, senior policy analyst at the Center for Economic Opportunity at Independent Women, issued the following statement:
“America’s strong job growth is a positive sign for our economy. Washington has undertaken positive steps to continue to improve the labor market.
“Under President Trump, wages for everyday Americans continue to rise, with real average hourly earnings up by nearly 4% over the past year —exceeding economists’ expectations. Since President Trump took office, real disposable personal income has risen at a 7.5% annualized pace — more than three times the pace than the final year of the Biden Administration.
“A drop in the labor force participation rate for both men and women means workers are uncertain about their chances to find work, and we look forward to the continued progress toward tax and regulatory reforms that will enable job and wage growth as witnessed following the 2017 Tax Cuts And Jobs Act.
“We look forward to seeing these efforts bear fruit and continue to improve job creation for American families in the months ahead.”
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Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.
