May 2021 U.S Economy is Strong, With a 559,000 Additional Job Outlook

In May 2021, the total nonfarm payroll increased by 559,000, according to the U.S Bureau of Labor Statistics, while the unemployment rate declined by 0.3%. Industries with the most career gains included hospitality and leisure, education, and healthcare.1

Below, we examine the Bureau of Labor Statistics job report for April and May of 2021. This data includes the current U.S unemployment rate, job openings, hire versus separation rate, as well as an overview of the industries with the greatest number of job gains and decreases. 

Unemployment

According to the U.S Bureau of Labor Statistics report, in May 2021, the unemployment rate declined by 0.3%, which brought it down to 5.8%. The total number of unemployed U.S citizens decreased by 496,000.1

 
Job Openings

Regarding job openings, by the end of April 2021, a high of 9.3 million (0.6%+) was reached, respectively,2 compared with 8.1 million in March 2021.3

Industries with Top Job Gains & Decreases 

Between the months of April and May 2021, the hospitality and leisure industry saw the greatest increase in jobs at 292,000, followed by education and health services at 87,000. Government jobs increased by 67,000 while business and professional services increased by 35,000. Conversely, retail jobs decreased by 5,800 and construction jobs decreased by 20,000.4

Hires vs. Separations 

The total number of hires slightly shifted to 6.1 million and the total number of job separations increased by 324,000, reaching 5.8 million. Notably, the total job separation count includes quits, layoffs and discharges, in addition to other forms of separation.2

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References 

1. The U.S Bureau of Labor Statistics. The Employment Situation – May 2021. Retrieved June 8th, 2021, from https://bit.ly/3w7oc7D
2. The U.S Bureau of Labor Statistics. Job Openings and Labor Turnover – April 2021. Retrieved June 8th, 2021, from https://bit.ly/2RDkAep
3. The U.S Bureau of Labor Statistics. TED: Job Openings Reach a High of 8.1 Million in March 2021. Retrieved June 9th, 2021, from https://bit.ly/351YkOi
4. Hoff M. (2021, June 4). Restaurants and hotels continued their streak of adding the most jobs out of any industry in May. Business Insider. https://bit.ly/3glEtir