Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

May 2022 Employment Situation

Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in professional and…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.

Household Survey Data

In May, the unemployment rate was 3.6 percent for the third month in a row, and the number of unemployed persons was essentially unchanged at 6.0 million. These measures are little different from their values in February 2020 (3.5 percent and 5.7 million, respectively), prior to the coronavirus (COVID-19) pandemic. (See table A-1.)

Among the major worker groups, the unemployment rate for Asians declined to 2.4 percent in May. The jobless rates for adult men (3.4 percent), adult women (3.4 percent), teenagers (10.4 percent), Whites (3.2 percent), Blacks (6.2 percent), and Hispanics (4.3 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of permanent job losers remained at 1.4 million in May. The number of persons on temporary layoff was little changed at 810,000. Both measures are little different from their values in February 2020. (See table A-11.)

In May, the number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.4 million. This measure is 235,000 higher than in February 2020. The long-term unemployed accounted for 23.2 percent of all unemployed persons in May. (See table A-12.)

Both the labor force participation rate, at 62.3 percent, and the employment- population ratio, at 60.1 percent, were little changed over the month. Both measures are 1.1 percentage points below their February 2020 values. (See table A-1.)

The number of persons employed part time for economic reasons increased by 295,000 to 4.3 million in May, reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

The number of persons not in the labor force who currently want a job was little changed at 5.7 million in May. This measure remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.)

Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, changed little in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 415,000 in May, also little changed from the prior month. (See Summary table A.)

Household Survey Supplemental Data

In May, 7.4 percent of employed persons teleworked because of the coronavirus pandemic, down from 7.7 percent in the prior month. These data refer to employed persons who teleworked or worked at home for pay at some point in the 4 weeks preceding the survey specifically because of the pandemic.

In May, 1.8 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic--that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is little changed from the previous month. Among those who reported in May that they were unable to work because of pandemic-related closures or lost business, 19.9 percent received at least some pay from their employer for the hours not worked, also little different from the prior month.

Among those not in the labor force in May, 455,000 persons were prevented from looking for work due to the pandemic, down from 586,000 in the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)

These supplemental data come from questions added to the household survey beginning in May 2020 to help gauge the effects of the pandemic on the labor market. The data are not seasonally adjusted. Tables with estimates from the supplemental questions for all months are available online at www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm.

Establishment Survey Data

Total nonfarm payroll employment rose by 390,000 in May. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined over the month. Nonfarm employment is down by 822,000, or 0.5 percent, from its pre-pandemic level in February 2020. (See table B-1.)

Employment in leisure and hospitality increased by 84,000 in May, as job growth continued in food services and drinking places (+46,000) and accommodation (+21,000). Employment in leisure and hospitality is down by 1.3 million, or 7.9 percent, compared with February 2020.

Employment in professional and business services rose by 75,000 in May. Within the industry, job gains occurred in accounting and bookkeeping services (+16,000), computer systems design and related services (+13,000), and scientific research and development services (+6,000). Employment in professional and business services is 821,000 higher than in February 2020.

In May, transportation and warehousing added 47,000 jobs. Employment rose in warehousing and storage (+18,000), truck transportation (+13,000), and air transportation (+6,000). Employment in transportation and warehousing is 709,000 above its February 2020 level.

Employment in construction increased by 36,000 in May, following no change in April. In May, job gains occurred in specialty trade contractors (+17,000) and heavy and civil engineering construction (+11,000). Construction employment is 40,000 higher than in February 2020.

In May, employment increased by 36,000 in state government education and by 33,000 in private education. Employment changed little in local government education (+14,000). Compared with February 2020, employment in state government education is up by 27,000, while employment in private education has essentially recovered. Employment in local government education is down by 308,000, or 3.8 percent, compared with February 2020.

Employment in health care rose by 28,000 in May, including a gain in hospitals (+16,000). Employment in health care overall is 223,000, or 1.3 percent, lower than in February 2020.

Manufacturing employment continued to trend up in May (+18,000). Job gains occurred in fabricated metal products (+7,000), wood products (+4,000), and electronic instruments (+3,000). Employment in manufacturing overall is slightly below (-17,000 or -0.1 percent) its February 2020 level.

Wholesale trade added 14,000 jobs in May, including gains in durable goods (+10,000) and electronic markets and agents and brokers (+6,000). Employment in wholesale trade is down by 41,000, or 0.7 percent, compared with February 2020.

Mining employment increased by 6,000 in May and is 80,000 higher than a recent low in February 2021.

Employment in retail trade declined by 61,000 in May but is 159,000 above its February 2020 level. Over the month, job losses occurred in general merchandise stores (-33,000), clothing and clothing accessories stores (-9,000), food and beverage stores (-8,000), building material and garden supply stores (-7,000), and health and personal care stores (-5,000).

In May, employment showed little change in other major industries, including information, financial activities, and other services.

Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $31.95 in May. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 15 cents, or 0.6 percent, to $27.33. (See tables B-3 and B-8.)

In May, the average workweek for all employees on private nonfarm payrolls was 34.6 hours for the third month in a row. In manufacturing, the average workweek for all employees was little changed at 40.4 hours, and overtime fell by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 34.1 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for March was revised down by 30,000, from +428,000 to +398,000, and the change for April was revised up by 8,000, from +428,000 to +436,000. With these revisions, employment in March and April combined is 22,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

Source: U.S. Bureau of Labor Statistics · Original release Jun 3, 2022.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read beyond one jobs number

The Employment Situation combines two surveys: establishment data measure payroll jobs, hours and earnings, while household data measure people’s employment status and the unemployment rate. A payroll-job change and an unemployment-rate change therefore answer different questions. Check the reference period, participation and revisions alongside the headline. Labor-market conditions inform the policy outlook, but a later mortgage-rate change can reflect many developments; this calendar window cannot identify the report as its cause. BLS Employment Situation tables and technical notes.

Nearest published observation on or before each target date
Benchmark30 days earlierMay 4, 2022Publication referenceJun 3, 202230 days laterJul 3, 2022
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®5.10%Observed 5.09%Observed −1 bps vs. earlier reference5.70%Observed +61 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury2.93%Observed 2.96%Observed +3 bps vs. earlier reference2.88%Observed −8 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Mar 3, 2022 – Sep 3, 2022
Historical mortgage and Treasury observations around Jun 3, 2022Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.1.50%3.75%6.00%Publication date30-year fixed mortgage: 3.76% · Mar 3, 202230-year fixed mortgage: 3.85% · Mar 10, 202230-year fixed mortgage: 4.16% · Mar 17, 202230-year fixed mortgage: 4.42% · Mar 24, 202230-year fixed mortgage: 4.67% · Mar 31, 202230-year fixed mortgage: 4.72% · Apr 7, 202230-year fixed mortgage: 5.00% · Apr 14, 202230-year fixed mortgage: 5.11% · Apr 21, 202230-year fixed mortgage: 5.10% · Apr 28, 202230-year fixed mortgage: 5.27% · May 5, 202230-year fixed mortgage: 5.30% · May 12, 202230-year fixed mortgage: 5.25% · May 19, 202230-year fixed mortgage: 5.10% · May 26, 202230-year fixed mortgage: 5.09% · Jun 2, 202230-year fixed mortgage: 5.23% · Jun 9, 202230-year fixed mortgage: 5.78% · Jun 16, 202230-year fixed mortgage: 5.81% · Jun 23, 202230-year fixed mortgage: 5.70% · Jun 30, 202230-year fixed mortgage: 5.30% · Jul 7, 202230-year fixed mortgage: 5.51% · Jul 14, 202230-year fixed mortgage: 5.54% · Jul 21, 202230-year fixed mortgage: 5.30% · Jul 28, 202230-year fixed mortgage: 4.99% · Aug 4, 202230-year fixed mortgage: 5.22% · Aug 11, 202230-year fixed mortgage: 5.13% · Aug 18, 202230-year fixed mortgage: 5.55% · Aug 25, 202230-year fixed mortgage: 5.66% · Sep 1, 202210-year Treasury: 1.86% · Mar 3, 202210-year Treasury: 1.74% · Mar 4, 202210-year Treasury: 1.78% · Mar 7, 202210-year Treasury: 1.86% · Mar 8, 202210-year Treasury: 1.94% · Mar 9, 202210-year Treasury: 1.98% · Mar 10, 202210-year Treasury: 2.00% · Mar 11, 202210-year Treasury: 2.14% · Mar 14, 202210-year Treasury: 2.15% · Mar 15, 202210-year Treasury: 2.19% · Mar 16, 202210-year Treasury: 2.20% · Mar 17, 202210-year Treasury: 2.14% · Mar 18, 202210-year Treasury: 2.32% · Mar 21, 202210-year Treasury: 2.38% · Mar 22, 202210-year Treasury: 2.32% · Mar 23, 202210-year Treasury: 2.34% · Mar 24, 202210-year Treasury: 2.48% · Mar 25, 202210-year Treasury: 2.46% · Mar 28, 202210-year Treasury: 2.41% · Mar 29, 202210-year Treasury: 2.35% · Mar 30, 202210-year Treasury: 2.32% · Mar 31, 202210-year Treasury: 2.39% · Apr 1, 202210-year Treasury: 2.42% · Apr 4, 202210-year Treasury: 2.54% · Apr 5, 202210-year Treasury: 2.61% · Apr 6, 202210-year Treasury: 2.66% · Apr 7, 202210-year Treasury: 2.72% · Apr 8, 202210-year Treasury: 2.79% · Apr 11, 202210-year Treasury: 2.72% · Apr 12, 202210-year Treasury: 2.70% · Apr 13, 202210-year Treasury: 2.83% · Apr 14, 202210-year Treasury: 2.85% · Apr 18, 202210-year Treasury: 2.93% · Apr 19, 202210-year Treasury: 2.85% · Apr 20, 202210-year Treasury: 2.90% · Apr 21, 202210-year Treasury: 2.90% · Apr 22, 202210-year Treasury: 2.81% · Apr 25, 202210-year Treasury: 2.77% · Apr 26, 202210-year Treasury: 2.82% · Apr 27, 202210-year Treasury: 2.85% · Apr 28, 202210-year Treasury: 2.89% · Apr 29, 202210-year Treasury: 2.99% · May 2, 202210-year Treasury: 2.97% · May 3, 202210-year Treasury: 2.93% · May 4, 202210-year Treasury: 3.05% · May 5, 202210-year Treasury: 3.12% · May 6, 202210-year Treasury: 3.05% · May 9, 202210-year Treasury: 2.99% · May 10, 202210-year Treasury: 2.91% · May 11, 202210-year Treasury: 2.84% · May 12, 202210-year Treasury: 2.93% · May 13, 202210-year Treasury: 2.88% · May 16, 202210-year Treasury: 2.98% · May 17, 202210-year Treasury: 2.89% · May 18, 202210-year Treasury: 2.84% · May 19, 202210-year Treasury: 2.78% · May 20, 202210-year Treasury: 2.86% · May 23, 202210-year Treasury: 2.76% · May 24, 202210-year Treasury: 2.75% · May 25, 202210-year Treasury: 2.75% · May 26, 202210-year Treasury: 2.74% · May 27, 202210-year Treasury: 2.85% · May 31, 202210-year Treasury: 2.94% · Jun 1, 202210-year Treasury: 2.92% · Jun 2, 202210-year Treasury: 2.96% · Jun 3, 202210-year Treasury: 3.04% · Jun 6, 202210-year Treasury: 2.98% · Jun 7, 202210-year Treasury: 3.03% · Jun 8, 202210-year Treasury: 3.04% · Jun 9, 202210-year Treasury: 3.15% · Jun 10, 202210-year Treasury: 3.43% · Jun 13, 202210-year Treasury: 3.49% · Jun 14, 202210-year Treasury: 3.33% · Jun 15, 202210-year Treasury: 3.28% · Jun 16, 202210-year Treasury: 3.25% · Jun 17, 202210-year Treasury: 3.31% · Jun 21, 202210-year Treasury: 3.16% · Jun 22, 202210-year Treasury: 3.09% · Jun 23, 202210-year Treasury: 3.13% · Jun 24, 202210-year Treasury: 3.20% · Jun 27, 202210-year Treasury: 3.20% · Jun 28, 202210-year Treasury: 3.10% · Jun 29, 202210-year Treasury: 2.98% · Jun 30, 202210-year Treasury: 2.88% · Jul 1, 202210-year Treasury: 2.82% · Jul 5, 202210-year Treasury: 2.93% · Jul 6, 202210-year Treasury: 3.01% · Jul 7, 202210-year Treasury: 3.09% · Jul 8, 202210-year Treasury: 2.99% · Jul 11, 202210-year Treasury: 2.96% · Jul 12, 202210-year Treasury: 2.91% · Jul 13, 202210-year Treasury: 2.96% · Jul 14, 202210-year Treasury: 2.93% · Jul 15, 202210-year Treasury: 2.96% · Jul 18, 202210-year Treasury: 3.01% · Jul 19, 202210-year Treasury: 3.04% · Jul 20, 202210-year Treasury: 2.91% · Jul 21, 202210-year Treasury: 2.77% · Jul 22, 202210-year Treasury: 2.81% · Jul 25, 202210-year Treasury: 2.81% · Jul 26, 202210-year Treasury: 2.78% · Jul 27, 202210-year Treasury: 2.68% · Jul 28, 202210-year Treasury: 2.67% · Jul 29, 202210-year Treasury: 2.60% · Aug 1, 202210-year Treasury: 2.75% · Aug 2, 202210-year Treasury: 2.73% · Aug 3, 202210-year Treasury: 2.68% · Aug 4, 202210-year Treasury: 2.83% · Aug 5, 202210-year Treasury: 2.77% · Aug 8, 202210-year Treasury: 2.80% · Aug 9, 202210-year Treasury: 2.78% · Aug 10, 202210-year Treasury: 2.87% · Aug 11, 202210-year Treasury: 2.84% · Aug 12, 202210-year Treasury: 2.79% · Aug 15, 202210-year Treasury: 2.82% · Aug 16, 202210-year Treasury: 2.89% · Aug 17, 202210-year Treasury: 2.88% · Aug 18, 202210-year Treasury: 2.98% · Aug 19, 202210-year Treasury: 3.03% · Aug 22, 202210-year Treasury: 3.05% · Aug 23, 202210-year Treasury: 3.11% · Aug 24, 202210-year Treasury: 3.03% · Aug 25, 202210-year Treasury: 3.04% · Aug 26, 202210-year Treasury: 3.12% · Aug 29, 202210-year Treasury: 3.11% · Aug 30, 202210-year Treasury: 3.15% · Aug 31, 202210-year Treasury: 3.26% · Sep 1, 202210-year Treasury: 3.20% · Sep 2, 2022Mar 3, 2022Jun 3, 2022Sep 3, 2022
30-year fixed mortgage27 observations10-year Treasury128 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,627.01/month

5.09% · Jun 2, 2022

At the later reference$1,741.20/month

5.70% · Jun 30, 2022

The illustrative principal-and-interest payment is $114.19 higher per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

Understand the policy connection →See current advertised mortgage options →