May Jobs Report: Tech Unemployment Rate Sees 0.6 Percent Drop

by Hanna Olivera on June 2, 2017

national jobs reportThe unemployment rate continued to drop in May, decreasing by 0.1 percent to 4.3 percent. A total of 138,000 jobs were created during the month, nearing the amount of jobs created in April. Tech jobs continued to impress, with the unemployment in tech dropping faster than the national unemployment rate.

Unemployment Rate Continues to Decline

The U.S. unemployment rate continued its trend of decreasing in May, seeing a 0.1 percent drop during the month and bringing the U.S. unemployment rate to 4.3 percent. The rate has declined 0.4 percent over the past year, decreasing the number of unemployed by 590,000. The average number of jobs created averaged 120,667 per month over the past three months.

Increase in Wages Continues

Average hourly earnings have risen 63 cents (2.5 percent) over the past year.. The 4 cent raise in May brought the average hourly earnings for all employees on private nonfarm payrolls to $26.22.

Steady Gain of Tech Jobs

The professional and business services sector added 38,000 jobs in May, with 10,900 of those jobs attributed to professional and technical technical services.

The specific areas seeing the most growth in the professional and technical services sector include:

  • Management and technical consulting services (+6,400 jobs in May 2017)
  • Other professional and technical services (+4,800 jobs in May 2017)
  • Legal services (+2,000 jobs in May 2017)

The unemployment rate for professional and technical services dropped 0.6 percent in May to 2.4 percent, seeing a bigger decline than the national average.

May Jobs Report Fast Facts

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