Losing Steam, Even With Larger Payroll Gains
· May’s larger-than-expected nonfarm employment gain did little to dispel the notion that economic activity is decelerating in the second quarter.
· Lower paying occupations, including retail trade, the leisure and hospitality sector, temporary staffing and home health care, accounted for 103,000 of the
175,000 net new jobs in May, or close to 60 percent of the total.
· Manufacturing continues to lose momentum, with employment declining for the third month in a row. Aggregate hours worked rose 0.1 percent, however.
