The unemployment rate in the US has reached its lowest since April 2000.
Retail industry employment was up by 28,800 jobs seasonally adjusted in May over April and 1,00,200 jobs unadjusted year-over-year. Overall, US businesses added 2,23,000 jobs in May.

With the unemployment rate of 3.8 per cent at its lowest since April 2000, many industries including retail are hiring and creating jobs at a steady pace. This rate is expected to continue to decline as the fiscal stimulus and tax cuts are further absorbed in the economy.

Solid fundamentals in the job market are encouraging for retail spending, as employment gains generate additional income for consumers and consequently increase spending.

May’s numbers followed an upwardly revised combined increase of 19,300 jobs for March and April. The three-month moving average in May showed an increase of 19,000 jobs.

Retail registered monthly gains nearly in all segments with the most robust increases concentrated in three sectors: general merchandise stores, which were up 13,400; clothing and clothing accessory stores, up 6,500; and building and garden supplies, up 6,000.

Losses were concentrated in two sectors: health and personal care stores, down 800 jobs; and non-store, which includes online, down 1,100 jobs.

Economy-wide, average hourly earnings in May increased by 2.7 per cent year over year.