The Jobs Report – May 2021

What you need to know:

1. April’s disappointing number was revised up by 12k to 278k jobs.
2. 2-month revision added 27k jobs.
3. Private Payrolls added 492k, below expectations of 610k, prior month revised higher by only 1k.
4. 3-month moving average in May is 541k, which is likely well below what the Fed would like to see.
5. Leisure & Hospitality continue to lead the charge with 292k added during the month.
6. Health & Education was the next best sector with 87k added.
7. Construction down 20k after losing 5k in April, likely feeling the effects of material shortages.
8. The non-private sector continued to add jobs, 67k for May, marking the third consecutive month of gains.
9. A big drop in Temporary Help though, down 116k.
10. The Unemployment Rate fell to 5.8% from 5.9% in April, likely due to a slight drop in the Participation Rate to 61.6%.
11. The Underemployment Rate also fell to 10.2% from 10.4%.
12. The employment picture is moving in the right direction but probably not as fast as the Fed would like.