May 2008 Employment Situation — 2008-06-06

The unemployment rate rose from 5.0 to 5.5 percent in May, and nonfarm payroll employment continued to trend down (-49,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. In May, employ- ment continued to fall in construction, manufacturing, retail trade, and temporary help services, while health care continued to add jobs. Average hourly earnings rose by 5 cents, or 0.3 percent, over the month. The number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, and the unemployment rate rose by 0.5 per- centage point to 5.5 percent. A year earlier, the number of unemployed per- sons was 6.9 million, and the jobless rate was 4.5 percent. (See table A-1.) The unemployment rates for adult men (4.9 percent), adult women (4.8 per- cent), teenagers (18.7 percent), whites (4.9 percent), and blacks (9.7 per- cent) rose in May. The jobless rate for Hispanics (6.9 percent) was unchanged.