{"id":2262531,"date":"2024-06-07T17:35:02","date_gmt":"2024-06-07T21:35:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-jumps-suddenly-in-may-jobs-report\/"},"modified":"2024-06-07T17:37:23","modified_gmt":"2024-06-07T21:37:23","slug":"unemployment-jumps-suddenly-in-may-jobs-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-jumps-suddenly-in-may-jobs-report\/","title":{"rendered":"May Jobs Report: Sharp Rise in Unemployment"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Funemployment-jumps-suddenly-in-may-jobs-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2262531&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The latest jobs report brought mixed news as unemployment rates ticked up after a period of low\u2064 unemployment. However, the economy added more jobs than\u200c expected. The unemployment rate for black Americans and for \u2064white people remained somewhat lower than the overall rate. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-social-security-is-the-worlds-largest-ponzi-scheme\/\" title=\"Why Social Security Is The World\u2019s Largest Ponzi Scheme\">labor force participation rate<\/a> decreased due\u200d to young\u200c workers \u200dleaving the job market. While jobs were added, many of them were part-time \u2062and\u2062 the number of \u2063full-time jobs has decreased. \u200dAdditionally, a large portion of the new jobs went to \u200cmigrants. To stay \u2064up to date on all the latest news, download the\u2063 Dailywire+ app by clicking the\u200c link provided.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>The latest jobs report sent mixed signals, showing <a href=\"https:\/\/www.dailywire.com\/topic\/unemployment\" target=\"_blank\" rel=\"noopener\">joblessness<\/a> ticking up after a long stretch of low unemployment while the economy added new jobs faster than expected.<\/p>\n<p>The unemployment rate unexpectedly jumped to 4% last month, according to the May jobs report, <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">released<\/a> Friday by the Labor Department.<\/p>\n<p>For the past 27 months, the unemployment rate had remained below 4%, the longest such stretch since the 1960s.<\/p>\n<p>The unemployment rate for black Americans <a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2024-06-07\/us-employment-report-for-may?srnd=homepage-americas&#038;sref=vuYGislZ\" target=\"_blank\" rel=\"noopener\">jumped<\/a> to 6.1% from 5.6%, while for white people, the unemployment rate remained lower than the overall rate at 3.5%.<\/p>\n<p>The labor force participation rate also dipped suddenly to 62.5%, mostly due to young workers between the ages of 20 and 24 abandoning the job market.<\/p>\n<p>Meanwhile, the U.S. economy added jobs faster than expected last month, although much of that growth was in part-time jobs, while the number of full-time jobs has fallen. A year ago in May, there were <a href=\"https:\/\/www.zerohedge.com\/markets\/inside-most-ridiculous-jobs-report-years\" target=\"_blank\" rel=\"noopener\">over<\/a> a million more full-time jobs than there were last month.<\/p>\n<p>Also, many of the new jobs went to migrants.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1716990157394000&#038;usg=AOvVaw33qQydjIo8bet419amChif\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>The number of U.S.-born workers <a href=\"https:\/\/www.zerohedge.com\/markets\/inside-most-ridiculous-jobs-report-years\" target=\"_blank\" rel=\"noopener\">fell<\/a> last month by 663,000 to about 130,445,000. Meanwhile, the number of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/1-5-of-us-workforce-is-foreign-born\/\" title=\"1\/5 of US workforce is foreign-born.\">foreign-born workers rose<\/a> by 414,000.<\/p>\n<p>Employers added 272,000 new non-farm jobs last month, beating economists\u2019 estimates of about 180,000 jobs and a 3.9% unemployment rate.<\/p>\n<p>Most of the new jobs appeared in health care with 68,000 additional jobs, government with 43,000 jobs, and leisure and hospitality with 42,000 jobs.<\/p>\n<p>Manufacturing and construction jobs also ticked higher last month.<\/p>\n<p>The high number of new jobs could discourage officials at the Federal Reserve from cutting interest rates this year since they have been waiting for the job market to cool while unemployment remains low.<\/p>\n<p>Despite the robust job gains, the Labor Department\u2019s household survey showed 408,000 fewer people working last month.<\/p>\n<p>Wage gains exceeded expectations, with average hourly pay rising by 0.4% in May from the previous month. This brings the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\/\" title=\"Nonpartisan Economists Say Biden\u2019s Infrastructure Plan Will Decrease Economic Growth\">average hourly wage<\/a> up 4.1% over the past year.<\/p>\n<p>President Biden celebrated the jobs report, <a href=\"https:\/\/www.nytimes.com\/live\/2024\/06\/07\/business\/may-jobs-report\" target=\"_blank\" rel=\"noopener\">declaring<\/a> in a release, \u201cOn my watch, 15.6 million more Americans have the dignity and respect that comes with a job.\u201d<\/p>\n<p>At the same time, former President Trump\u2019s campaign slammed the jobs report in one of the campaign\u2019s daily emails, calling the report \u201cyet another indication that \u2018Bidenomics\u2019 does not work.\u201d<\/p>\n<p>The economy has loomed large as the election cycle heats up, with voters <a href=\"https:\/\/www.cbsnews.com\/news\/economy-top-issue-voters-presidential-election-2024\/\" target=\"_blank\" rel=\"noopener\">saying<\/a> inflation is their top concern, according to recent polls. Immigration and the crisis at the border has also polled as a top issue in recent months, at times even eclipsing the economy.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest jobs report revealed mixed signals: despite a prolonged period of low unemployment, joblessness increased, with the rate unexpectedly rising to 4% last month. Meanwhile, the economy added jobs at a faster pace than anticipated, according to the May report from the Labor Department<\/p>\n","protected":false},"author":107,"featured_media":2262532,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/GettyImages-1097271132.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2262531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/GettyImages-1097271132.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2262531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2262531"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2262531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2262532"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2262531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2262531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2262531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}