Employers Added 390,000 Jobs in May; Unemployment Steady at 3.6%

Jobs grew at slowest pace since April of last year, hinting that the labor market is starting to cool

Howmany jobs were added in the U.S. economy between May 2021 and May 2022? Why has it been difficult for firms to fill job openings? Why do economists view this as labor market that is starting to cool? How many job openings are there for each unemployed worker? How fast have nominal wages increased over the past year? After adjusting for inflation calculate the change in real wages over the past year. What is the BLS formula for calculating the unemployment rate? Use this formula and the data in the table below to calculate the unemployment rate in May 2021 and May 2022. Show your work.

HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted [Numbers in thousands) Change from Category May Mar. Apr. May 2021 2022 2022 2022 Apt. 2022- May 2022 Employment status Quillian noringthisonal population.....assumes 261.210 263,444 243.559 243.679 120 Civilian labor forbe...... 160.801 164,409 164.046 164.376 61.6 62.4 62.2 623 0.1 Participation rate. Employed. 151.550 158,458 158.105 158.426 321 Employment-population ratio. 58.0 60.1 60.0 60.1 0.1 Unemployed 9.251 5.952 5.941 5.950 9 Unemployment rate... 5.8 3.6 3.6 3.6 0.0 Not in labor Note.... 100.409 99.036 99.513 99.302 -211 Unemployment rates Total, 16 years and over... 5.8 3.6 3.6 3.6 0.0 Adult men (20 years and over).. 5.8 3.4 3.5 3.4 0.1 Adult women (20 years and over).. 5.3 3.3 3.2 3.4 0.2 Teenagers (16 to 19 years).. 9.6 10.2 10.4 02 5.1 3.2 3.2 00 Black or African American 9.1 5.9 03 Anin... 5.5 24 07 Hispanic or Latino efnicity.... 7.1 43 02 Total, 25 years and Over........1.1aussies 5.1 30 3.0 Less than a high school diploma.......... 8.9 54 5.2 02 High school graduates, no college.. 6.9 3.8 3.8 0.0 Some college or associate degree..... 60 30 3.1 3.4 03 Bachelor's degree and higher..... 3.1 20 20 20 0.0 Reason for unemployment Job losers and persons who completed temporary jobs. 5.822 2.831 2.839 2.736 -103 Job leavers..... 710 787 764 -29 61 Reentrants........ 2.174 1.943 New oftraits.. 536 & 515 536 20