Ed Dolan | Jun 08, 2013 01:48AM ET
The US labor market continued its gradual improvement in May. The economy added 175,000 new payroll jobs, somewhat more than in March and April, as shown in the following chart. Payroll job growth was strongest in service sectors, with retail trade, professional and business services, and leisure and hospitality all showing strong growth. Construction added 7,000 jobs but those were offset by a decrease in manufacturing jobs, so that there was no net job growth in the goods-producing sectors. The addition of 13,000 local government jobs helped to offset continued job cuts at the federal and state levels.
The BLS also provides a broader measure of labor-market stress, U-6, which includes involuntary part-time workers and discouraged workers as well as the officially unemployed. As the next chart shows, a decrease in the number of discouraged workers and involuntary part-time workers brought that indicator down to 13.8 percent of the labor force, equal to its lowest point for the expansion.
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