Report | United States Employment Update - May 2016
April's 160,000 net new jobs fell below pre-release consensus estimates, mirroring the slowdown seen in Q1 GDP growth released a week earlier. Across most subsectors, monthly figures came up short compared to the sustained momentum posted in 2014 and 2015, while others indicators began to show signs of plateauing or a pause. A drop in the labor force participation rate back to 62.8 percent and reduced job creation kept unemployment at 5.0 percent and total unemployment (including detached workers) at 9.7 percent. Consumer confidence also stalled, although wage growth remained consistent at 2.5 percent and initial unemployment claims remain on the decline. We expect that employment figures will remain positive throughout the remainder of 2016, but may occur at slower rates as talent shortages begin to become a hindrance for companies seeking to expand their headcount.
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