The Dow surges more than 700 points after the Labor Department announced a better-than-expected May jobs report and the Senate passed the debt ceiling bill
Usually when the economy adds a lot of jobs in a given month the unemployment rate ticks down. That wasn't the case in May.
Despite the 339,000 new jobs added last month, the unemployment rate rose to 3.7% from 3.4% in May. That's the biggest one-month jump since April 2020.By definition, the unemployment rate captures the share of unemployed people as a percentage of the labor force. The labor force is the total number of people employed and unemployed. To be considered unemployed, you don't necessarily have to have been laid off recently.
The Bureau of Labor Statistics classifies someone as unemployed if they aren't working but are available for work and made a specific effort in the past month to find a job. If they don't satisfy that criteria, they aren't considered part of the labor force. Last month, the number of unemployed people rose by 440,000 to 6.1 million. But the number of people employed fell by 310,000 to 160.7 million. The net effect of that meant the labor force grew by 130,000 people to 166.8 million. So, mathematically, when you divide 6.1 million by 166.8 million, you'll arrive at the 3.7% unemployment rate.
Numbers aside, this means that more people started actively looking for jobs last month even if they weren't recently let go from their job. At the same time, fewer people had jobs.That is correct. Technically speaking, nonfarm payroll employment grew by 339,000. That figure is the product of the BLS' monthly survey of over 100,000 businesses and government agencies.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
A Passenger Opened The Emergency Exit Door On A Plane While In Mid-Air, And This Is My NightmareThe plane was 700 feet in the air.
Baca lebih lajut »
LAPD found 700 'ghost guns' — now it is getting $5 millionNevada-based 'ghost gun' manufacturer Polymer80 settled a lawsuit with the city of Los Angeles for $5 million.
Baca lebih lajut »
Ripple Returns Whopping 700 Million XRP After Enormous UnlockRipple reclaims hundreds of millions of XRP after massive unlock xrp xrparmy xrpcommunity xrpl xrpledger xrpthestandart ripple $xrp
Baca lebih lajut »
2021-2023 Ford F-150 gains FP700 package for 700 hp with a warrantyFord Performance is here to turn your new or semi-new F-150 into a fire-breathing supercharged V8 with a warranty.
Baca lebih lajut »
Ford Unleashes 700-HP Supercharger Package for F-150Available for 2021-2023 F-150s equipped with the 5.0-liter V-8.
Baca lebih lajut »
Payrolls rose 339,000 in May, much better than expected in resilient labor marketThe U.S. economy continued to crank out jobs in May, with nonfarm payrolls surging more than expected despite multiple headwinds, the Labor Department reported Friday. Read more:
Baca lebih lajut »