The U.S. economy added 272,000 jobs in May

Dan Li |
Chief Financial Officer | Snagajob + PhD in Economics | Northwestern University

The U.S. economy added 272,000 jobs in May, blowing past economists’ predictions of around 190,000 and continuing the trend of 41 consecutive months of labor gains.

The gains were largely in healthcare (including hospitals, nursing and residential care facilities), government, and hospitality jobs though hiring levels increased across all industries.

Meanwhile, March and April job gains were revised down by just 5,000 and 10,000 respectively.

Average hourly earnings also increased by 0.4% in May while the unemployment rate rose slightly from 3.9% to 4.0%.

On Snagajob, overall job postings are down 5% month over month and up 36% year over year, with notable gains in the Transportation (+79%), Customer Service (+71%), Computers & Technology (+33%), Social Services (+15%) and Healthcare (+6%) industries.

Here’s your roundup of key insights from the report:

  • Washington Post: “The unemployment rate ticked up to 4 percent, ending a historic 27-month streak of unemployment below that benchmark that last happened 50 years ago.”

  • Wall Street Journal: "Most economists have remained optimistic about the U.S. economy’s near-term outlook, believing it is normalizing after a surprisingly hot stretch last year, rather than deteriorating in a more concerning fashion."

  • New York Times: "The unexpectedly strong hiring shows that employers remain undaunted, despite pressure from high interest rates and slowing consumer spending. "

As the hourly expert, Snagajob is here to help with your hiring needs. Contact our team today to learn more about our solutions for enterprise, mid-size, and small businesses.

Hourly Jobs

All industry data is from 1/1/2023-5/31/2024

Here are the latest overall job numbers:

Overall hourly jobs are down 5% month over month, but they’re up 36% year over year.

Here are the latest job numbers by industry and category:

Food & Restaurant jobs are down 11% month-over-month.

Hotel & Hospitality jobs are down 11% month-over-month.

Healthcare jobs are up 6% month-over-month.

Retail jobs are down 31% month-over-month.

Warehouse & Logistics jobs are down 3% month-over-month.