Total nonfarm payroll employment increased by 390,000 in May, a slight decline from the 428,000 jobs added during April, according to the latest jobs report from the U.S. Bureau of Labor Statistics. The unemployment rate remained unchanged at 3.6%.

“Both jobs and wages continued to grow at a solid pace in May but indicated a sustained trend of moderation,” says Nikolas Scoolis, manager, housing economics for Zonda. “While 390,000 is a historically strong figure, May’s nonfarm payroll growth was at the lowest level since April 2021. As the economy continues toward full employment, it is likely that we will see this trend of moderation maintained in the near future.”

The number of unemployed individuals was relatively unchanged from April at 6 million. Both the unemployment rate and the number of unemployed individuals remain similar to their pre-pandemic, February 2020 levels (3.5% and 5.7 million, respectively).

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