Friday, June 6, 2014
The Department of Labor released its May employment data today. The unemployment rate stayed the same at 6.3%, with 217,000 jobs added last month. Many of the other measures were stable, with the labor participation rate staying at 62.8%, workweeks at 34.5 hours, and long-term unemployed at 3.4 million (although that number has declined by almost 1 million over the past 12 months). Average hourly earnings ticked up 5 cents to $24.38/hour.