June 06, 2014

Unemployment rate remains at 6.3% in May

June 9, 2014 – The unemployment rate remained at 6.3 percent in May as the labor force grew by 192,000 workers, according to Bureau of Labor Statistics data analyzed by NAFCU Senior Economist Curt Long.

Non-farm payrolls in May rose by 217,000. "Job growth remained solid following April's surge," Long said in a NAFCU Macro Data Flash report. "The labor force participation rate remained at 62.8 percent."

April's employment numbers were revised downward by 6,000 to 282,000, while March's numbers saw no change and remained at 203,000.

"The business services and the education and health services sectors grew the most in May, while the information sector lost about 5,000 jobs," Long said.

Total private-sector payroll employment in May increased by 216,000 jobs. Also up:

  • the goods-producing sector by 18,000 jobs;
  • the service sector by 198,000 jobs; and
  • total government by 1,000 jobs.

The education and health services sector saw an increase of 63,000 jobs, while the professional and business services sector saw an increase of 55,000 jobs.

"While the labor market has shown signs of strengthening, it is unlikely that the May report will cause the Federal Reserve to alter the tapering of their asset purchase program," Long said.