Commentary
May jobs printed at 390,000 new jobs above the consensus estimate of 325,000. The unemployment rate was 3.6 percent, unchanged from last month, but down from last May’s 5.8 percent. The labor force participation rate was 62.3 percent, up from the 61.1 percent that printed in May 2021. The Labor Participation Rate was 62.3 percent, up 10 basis points (bps, defined as 1/100th of a percentage point) from last month. March and April jobs were revised downward by 22,000 net jobs. The U-6 Unemployment Rate, which measures total unemployed, plus all persons marginally attached to the labor force, plus total employed part-time for economic reasons, ticked up again to 7.1 percent from 7 percent last month, but was down from 10.1 percent last year….