Labor markets remained strong in May, according to the latest report from the Bureau of Labor Statistics. Nonfarm payrolls rose 296,000 for the month, a far bigger increase than was widely expected. All the jobs growth came from the service-producing sector, which added over 300,000 positions. Specifically, services (narrowly defined) and retail trade showed big gains, increasing their payrolls by 135,000 and 69,000, respectively. The goods-producing sector actually cut payrolls by 36,000. Manufacturers eliminated 19,000 jobs in May, for a net loss of 3,800 so far this year.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-06, pp. 12, 06.01.1998.