The U.S. Bureau of Labor Statistics, the official website of the United States government released an Employment Statement Summary for May 2023. The release said that nonfarm payroll employment increased by 339,000. It said that there were increases in jobs in several sectors. The Dow Jones rose by almost 700 points after the release of the report by the Department of Labor under the Biden administration and so did other major indexes such as Nasdaq and S&P.
President Joe Biden released a statement that said, “Today is a good day for American economy and American workers.”
The resilience in the labor market is a sign of the Biden administration’s success as he said that 13 million jobs have been added after he became the President of the United States.
The report released the following statistics on the increase in jobs in May:
Professional and business services increased by 64,000 jobs.
Government employment saw an additional 56,000 jobs.
Health care also added 52,000 jobs.
Leisure and hospitality continued to add jobs amounting to 48,000 more jobs.
Construction jobs increased by 25,000 jobs.
Transportation and Warehousing saw an additional gain of 24,000 jobs.
Social assistance jobs also rose by 22, 000, while other jobs remained the same.
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The Labor department also said that average hourly earnings saw an increase of 11 cents for all private nonfarm payrolls that amounted to a 0.3 percent increase. There was a slight increase in the unemployment rate of 0.3 percent.
Wall Street responded to this favorable and much above expectations rise in payroll by sending the prices of stocks up. The Dow Jones Index rose by 2 percent or over 700 points. The Nasdaq rose by 1 percent while the S&P saw an increase of 1.5 percent. Treasury yields were also marginally higher at 3.691 percent, while they stood at 3.607 percent on Thursday.
President Joe Biden also said that he would be signing the debt ceiling legislation that was passed by Congress on Thursday night. He said, “the agreement protects our historic and hard-earned economic recovery, and all the progress that American workers have made in the last two years.”
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