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In May, total nonfarm payroll employment rose by 339,000, pushing the unemployment rate up slightly to 3.7 percent. Job gains were found across various sectors, including professional and business services, government, health care, construction, transportation and warehousing, and social assistance.

💡 Notables

📈 The unemployment rate for adult women and Blacks saw a noticeable rise in May, while rates for adult men, teenagers, Whites, Asians, and Hispanics showed little change.
🕰️ The number of job persons who completed temporary jobs rose by 318,000 to 3.0 million, indicating a notable shift in temporary employment.
📊 The labor force participation rate stayed steady at 62.6 percent, while the employment-population ratio remained unchanged at 60.3 percent.

🏢 Industry Specific Insights:

🏛️ Government employment increased by 56,000, despite remaining 209,000 jobs below its pre-pandemic February 2020 level.
🏥 Health care sector added 52,000 jobs, with job growth in ambulatory health care services, hospitals, and nursing and residential care facilities.
🏗️ Construction industry welcomed 25,000 new jobs, including 11,000 in heavy and civil engineering construction.
📦 Transportation and warehousing saw an increase of 24,000 jobs, with transit and ground passenger transportation adding 12,000 jobs.

📈 Earnings and Hours:

💰 Average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $33.44, marking a 4.3 percent increase over the past 12 months.
⏰ The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in May.

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2️⃣ Community:

🧠 Mental Health Matters: May was Mental Health Month, and the EQ community has been buzzing about therapy.

Check it out here

Check it out here

🔄 Time for Reflection: It's mid-year. How do you rate your progress? Take a moment to reflect, refine, and move forward.

Maybe time to become or be a mentor?

3️⃣ Conversation:

⚖️ AI Regulation: Key AI industry players are urging governments to regulate AI. Is it time for new laws? Check out these discussions.

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4️⃣ Capital:

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Biden signs debt limit bill, avoiding U.S. default

🏦 Debt Ceiling Deal: President Biden and GOP House Speaker Kevin McCarthy reached a deal that would suspend the debt ceiling until 2025. Investors and business leaders heave a sigh of relief.

Did Nvidia create an AI bubble, and software stocks are already paying the price?

🎮 Nvidia’s Milestone:the computer processing powerhouse, reached a $1 trillion market capitalization, signaling AI's disruptive potential.

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