US Nonfarm Payroll Growth Slows on Weaker Retail Trade

Source: Bureau of Labor Statistics

Nonfarm payrolls in the United States continued to grow in May, albeit at a slower pace, with notable declines recorded in retail trade. EZU is down 1.04%, while VGK is down 1.14%.

• Total nonfarm payrolls increased by 390,000 last month, lower than the 436,000 in April and the 447,000 in May 2021.
• The private sector accounted for 333,000, down from 405,000 the previous month and 447,000 the same month last year.
• The slower growth came after retail trade payrolls contracted by 60,700, while motor vehicles declined by 3,500.
• Leisure and hospitality recorded 84,000 additional jobs, slightly higher than the 83,000 in the previous month.
• The unemployment rate for the month was recorded at 3.6% for the third straight month, with unemployed persons generally unchanged at 6.0 million.