“I believe it continues to be demonstrated that the labor market offers great support to people who depend on their income to spend, which obviously are the vast majority of Americans,” declared Thomas Simons, chief economist at Jefferies, in an interview.
The United States economy continues to add new jobs month after month, which is good news for immigrants who wish to move to the United States. Contact USAFIS if you want information on the requirements to immigrate.
As of May, the U.S. economy added an average of 247,800 jobs per month, which is roughly in line with the strong employment growth recorded last year. Wage growth estimates for March and April were slightly revised downward: March by 5,000 and April by 10,000.
May marks the 41st consecutive month of employment growth, extending the fifth longest streak on record dating back to 1939, according to BLS data.
Most of the job increase for the month came from the service sectors, with healthcare and social assistance leading the way, adding 83,500 jobs. Healthcare, public administration, and leisure and hospitality accounted for 60% of May’s gains; however, interest rate-sensitive sectors such as construction and manufacturing also added jobs, wrote Nick Bunker, director of economic research for North America at Indeed’s Hiring Lab, in a note published on Friday.
I believe it continues to be demonstrated that the labor market offers great support to people who depend on their income to spend, which obviously are the vast majority of American.
“Gains remain widespread,” he stated.
The BLS “diffusion index,” which is a measure of the percentage of industries that are adding or losing jobs, reached 63.4 in May, the highest since January 2023.
In fact, the labor force participation rate for women of working age (25-54 years) hit a new all-time high of 78.1% in May, according to BLS data.
“Don’t be too alarmed by the rise in the unemployment rate,” wrote Bunker. “The labor market is still moving toward a soft landing.”
Job opportunities in the United States are immense. If your goal is to move to this country, contact the professionals at USAFIS. They will explain the necessary conditions for immigration.
