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

Jobs · ORIGINAL ECONOMIC RELEASE

May 2026 Employment Situation

Total nonfarm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, local government,…

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 increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities 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

The major labor market indicators from the survey of households continued to show little or no change in May. The unemployment rate held at 4.3 percent and has remained in a narrow range of 4.3 percent to 4.5 percent since July 2025. The number of unemployed people, at 7.3 million, changed little over the month. (See table A-1.)

Among the major worker groups, the unemployment rates showed little or no change in May for adult men (4.0 percent), adult women (3.8 percent), teenagers (14.7 percent), and people who are White (3.8 percent), Black (6.6 percent), Asian (3.8 percent), or Hispanic (5.0 percent). (See tables A-1, A-2, and A-3.)

The number of people jobless less than 5 weeks declined by 286,000 to 2.2 million in May, largely offsetting an increase in the prior month. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed over the month at 2.0 million but is up by 524,000 over the year. The long-term unemployed accounted for 27.5 percent of all unemployed people in May. (See table A-12.)

The labor force participation rate held at 61.8 percent in May, and the employment-population ratio changed little at 59.2 percent. These measures showed little change over the year, after accounting for annual population control adjustments. (See table A-1.)

The number of people employed part time for economic reasons, at 4.8 million, changed little in May. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

In May, the number of people not in the labor force who currently want a job changed little at 6.2 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 people marginally attached to the labor force changed little at 1.7 million 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. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 486,000 in May, essentially unchanged from the previous month. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment increased by 172,000 in May, similar to the gain of 179,000 in April. In May, job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities declined. (See table B-1.)

Leisure and hospitality added 70,000 jobs in May, well above the average monthly gain of 14,000 over the prior 12 months. Over the month, food services and drinking places added 48,000 jobs.

In May, employment in local government rose by 55,000, largely reflecting a gain in local government, excluding education (+44,000).

Health care added 35,000 jobs in May, in line with the average monthly gain of 38,000 over the prior 12 months. Over the month, ambulatory health care services added 26,000 jobs, including a gain of 11,000 in home health care services. Employment continued to trend up in hospitals (+6,000).

Social assistance employment continued to trend up in May (+12,000), mostly in individual and family services (+10,000). Over the prior 12 months, social assistance had added an average of 17,000 jobs per month.

Employment in mining, quarrying, and oil and gas extraction increased by 5,000 in May and is up by 10,000 since February.

Financial activities employment declined by 22,000 in May and is down by 107,000 since a recent peak in May 2025. Over the month, job losses occurred in insurance carriers and related activities (-11,000) and commercial banking (-3,000).

Employment in transportation and warehousing was essentially unchanged in May (+1,000) but is down by 92,000 since reaching a peak in February 2025. Over the month, transit and ground passenger transportation (+9,000) and warehousing and storage (+6,000) added jobs. Air transportation lost 9,000 jobs, largely reflecting a business closure.

Employment showed little change over the month in other major industries, including construction, manufacturing, wholesale trade, retail trade, information, professional and business services, and other services.

In May, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.3 percent, to $37.53. Over the year, average hourly earnings have increased by 3.4 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 8 cents, or 0.2 percent, to $32.31. (See tables B-3 and B-8.)

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.3 hours in May. In manufacturing, the average workweek was unchanged at 40.4 hours, and overtime edged up to 3.1 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for March was revised up by 29,000, from +185,000 to +214,000, and the change for April was revised up by 64,000, from +115,000 to +179,000. With these revisions, employment in March and April combined is 93,000 higher 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 5, 2026.

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 6, 2026Publication referenceJun 5, 202630 days laterJul 5, 2026
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.30%Observed 6.48%Observed +18 bps vs. earlier reference6.43%Observed −5 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.36%Observed 4.55%Observed +19 bps vs. earlier reference4.49%Observed −6 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 5, 2026 – Sep 5, 2026
Historical mortgage and Treasury observations around Jun 5, 2026Each 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.4.00%5.50%7.00%Publication date30-year fixed mortgage: 6.00% · Mar 5, 202630-year fixed mortgage: 6.11% · Mar 12, 202630-year fixed mortgage: 6.22% · Mar 19, 202630-year fixed mortgage: 6.38% · Mar 26, 202630-year fixed mortgage: 6.46% · Apr 2, 202630-year fixed mortgage: 6.37% · Apr 9, 202630-year fixed mortgage: 6.30% · Apr 16, 202630-year fixed mortgage: 6.23% · Apr 23, 202630-year fixed mortgage: 6.30% · Apr 30, 202630-year fixed mortgage: 6.37% · May 7, 202630-year fixed mortgage: 6.36% · May 14, 202630-year fixed mortgage: 6.51% · May 21, 202630-year fixed mortgage: 6.53% · May 28, 202630-year fixed mortgage: 6.48% · Jun 4, 202630-year fixed mortgage: 6.52% · Jun 11, 202630-year fixed mortgage: 6.47% · Jun 18, 202630-year fixed mortgage: 6.49% · Jun 25, 202630-year fixed mortgage: 6.43% · Jul 2, 202630-year fixed mortgage: 6.49% · Jul 9, 202630-year fixed mortgage: 6.55% · Jul 16, 202630-year fixed mortgage: 6.58% · Jul 23, 202630-year fixed mortgage: 6.66% · Jul 30, 202630-year fixed mortgage: 6.69% · Aug 6, 202630-year fixed mortgage: 6.67% · Aug 13, 202630-year fixed mortgage: 6.65% · Aug 20, 202630-year fixed mortgage: 6.66% · Aug 27, 202630-year fixed mortgage: 6.71% · Sep 3, 202610-year Treasury: 4.13% · Mar 5, 202610-year Treasury: 4.15% · Mar 6, 202610-year Treasury: 4.12% · Mar 9, 202610-year Treasury: 4.15% · Mar 10, 202610-year Treasury: 4.21% · Mar 11, 202610-year Treasury: 4.27% · Mar 12, 202610-year Treasury: 4.28% · Mar 13, 202610-year Treasury: 4.23% · Mar 16, 202610-year Treasury: 4.20% · Mar 17, 202610-year Treasury: 4.26% · Mar 18, 202610-year Treasury: 4.25% · Mar 19, 202610-year Treasury: 4.39% · Mar 20, 202610-year Treasury: 4.34% · Mar 23, 202610-year Treasury: 4.39% · Mar 24, 202610-year Treasury: 4.33% · Mar 25, 202610-year Treasury: 4.42% · Mar 26, 202610-year Treasury: 4.44% · Mar 27, 202610-year Treasury: 4.35% · Mar 30, 202610-year Treasury: 4.30% · Mar 31, 202610-year Treasury: 4.33% · Apr 1, 202610-year Treasury: 4.31% · Apr 2, 202610-year Treasury: 4.35% · Apr 3, 202610-year Treasury: 4.34% · Apr 6, 202610-year Treasury: 4.33% · Apr 7, 202610-year Treasury: 4.29% · Apr 8, 202610-year Treasury: 4.29% · Apr 9, 202610-year Treasury: 4.31% · Apr 10, 202610-year Treasury: 4.30% · Apr 13, 202610-year Treasury: 4.26% · Apr 14, 202610-year Treasury: 4.29% · Apr 15, 202610-year Treasury: 4.32% · Apr 16, 202610-year Treasury: 4.26% · Apr 17, 202610-year Treasury: 4.26% · Apr 20, 202610-year Treasury: 4.30% · Apr 21, 202610-year Treasury: 4.30% · Apr 22, 202610-year Treasury: 4.34% · Apr 23, 202610-year Treasury: 4.31% · Apr 24, 202610-year Treasury: 4.35% · Apr 27, 202610-year Treasury: 4.36% · Apr 28, 202610-year Treasury: 4.42% · Apr 29, 202610-year Treasury: 4.40% · Apr 30, 202610-year Treasury: 4.39% · May 1, 202610-year Treasury: 4.45% · May 4, 202610-year Treasury: 4.43% · May 5, 202610-year Treasury: 4.36% · May 6, 202610-year Treasury: 4.41% · May 7, 202610-year Treasury: 4.38% · May 8, 202610-year Treasury: 4.42% · May 11, 202610-year Treasury: 4.46% · May 12, 202610-year Treasury: 4.46% · May 13, 202610-year Treasury: 4.47% · May 14, 202610-year Treasury: 4.59% · May 15, 202610-year Treasury: 4.61% · May 18, 202610-year Treasury: 4.67% · May 19, 202610-year Treasury: 4.57% · May 20, 202610-year Treasury: 4.57% · May 21, 202610-year Treasury: 4.56% · May 22, 202610-year Treasury: 4.50% · May 26, 202610-year Treasury: 4.48% · May 27, 202610-year Treasury: 4.45% · May 28, 202610-year Treasury: 4.45% · May 29, 202610-year Treasury: 4.47% · Jun 1, 202610-year Treasury: 4.46% · Jun 2, 202610-year Treasury: 4.49% · Jun 3, 202610-year Treasury: 4.47% · Jun 4, 202610-year Treasury: 4.55% · Jun 5, 202610-year Treasury: 4.56% · Jun 8, 202610-year Treasury: 4.53% · Jun 9, 202610-year Treasury: 4.55% · Jun 10, 202610-year Treasury: 4.45% · Jun 11, 202610-year Treasury: 4.48% · Jun 12, 202610-year Treasury: 4.47% · Jun 15, 202610-year Treasury: 4.43% · Jun 16, 202610-year Treasury: 4.49% · Jun 17, 202610-year Treasury: 4.46% · Jun 18, 202610-year Treasury: 4.51% · Jun 22, 202610-year Treasury: 4.50% · Jun 23, 202610-year Treasury: 4.41% · Jun 24, 202610-year Treasury: 4.40% · Jun 25, 202610-year Treasury: 4.38% · Jun 26, 202610-year Treasury: 4.38% · Jun 29, 202610-year Treasury: 4.44% · Jun 30, 202610-year Treasury: 4.48% · Jul 1, 202610-year Treasury: 4.49% · Jul 2, 202610-year Treasury: 4.48% · Jul 6, 202610-year Treasury: 4.55% · Jul 7, 202610-year Treasury: 4.56% · Jul 8, 202610-year Treasury: 4.54% · Jul 9, 202610-year Treasury: 4.56% · Jul 10, 202610-year Treasury: 4.62% · Jul 13, 202610-year Treasury: 4.58% · Jul 14, 202610-year Treasury: 4.55% · Jul 15, 202610-year Treasury: 4.57% · Jul 16, 202610-year Treasury: 4.55% · Jul 17, 202610-year Treasury: 4.60% · Jul 20, 202610-year Treasury: 4.63% · Jul 21, 202610-year Treasury: 4.67% · Jul 22, 202610-year Treasury: 4.71% · Jul 23, 202610-year Treasury: 4.69% · Jul 24, 202610-year Treasury: 4.65% · Jul 27, 202610-year Treasury: 4.61% · Jul 28, 202610-year Treasury: 4.67% · Jul 29, 202610-year Treasury: 4.68% · Jul 30, 202610-year Treasury: 4.75% · Jul 31, 202610-year Treasury: 4.70% · Aug 3, 202610-year Treasury: 4.63% · Aug 4, 202610-year Treasury: 4.63% · Aug 5, 202610-year Treasury: 4.69% · Aug 6, 202610-year Treasury: 4.65% · Aug 7, 202610-year Treasury: 4.72% · Aug 10, 202610-year Treasury: 4.70% · Aug 11, 202610-year Treasury: 4.68% · Aug 12, 202610-year Treasury: 4.63% · Aug 13, 202610-year Treasury: 4.68% · Aug 14, 202610-year Treasury: 4.72% · Aug 17, 202610-year Treasury: 4.71% · Aug 18, 202610-year Treasury: 4.65% · Aug 19, 202610-year Treasury: 4.69% · Aug 20, 202610-year Treasury: 4.74% · Aug 21, 202610-year Treasury: 4.70% · Aug 24, 202610-year Treasury: 4.64% · Aug 25, 202610-year Treasury: 4.66% · Aug 26, 202610-year Treasury: 4.67% · Aug 27, 202610-year Treasury: 4.73% · Aug 28, 202610-year Treasury: 4.75% · Aug 31, 202610-year Treasury: 4.79% · Sep 1, 202610-year Treasury: 4.79% · Sep 2, 202610-year Treasury: 4.77% · Sep 3, 202610-year Treasury: 4.78% · Sep 4, 2026Mar 5, 2026Jun 5, 2026Sep 5, 2026
30-year fixed mortgage27 observations10-year Treasury129 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$1,892.26/month

6.48% · Jun 4, 2026

At the later reference$1,882.41/month

6.43% · Jul 2, 2026

The illustrative principal-and-interest payment is $9.85 lower 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.

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