U.S. Employment Surpasses Pre-Recession Peak

U.S. payrolls expanded by 217,000 jobs in May, according to the Labor Department. This is the fourth consecutive month that job gains totaled more than 200,000 and brings U.S. total employment to 138.5 million—passing the 138.4 million pre-recession peak set in January 2008.

The job gains were concentrated in sectors including Healthcare, Professional & Business Services, and Manufacturing. The unemployment rate held steady at 6.3%, while average hourly earnings were up 2.1% over the last 12 months.

The rising employment numbers reflect increased business confidence and could influence the Federal Reserve’s monetary policy decisions. Employment growth can also encourage household formation, which can bode well for housing and rental markets.

Read more at Bloomberg