États-Unis Paiements non agricoles

US nonfarm payrolls increased by 139K in May 2025, a small slowdown from April’s downwardly revised 147K, but slightly above forecasts of 130K. Employment continued to trend up in health care (62K), mostly hospitals (30K), ambulatory health care services (29K); leisure and hospitality (48K), mostly food services and drinking places (30K); and social assistance (16K). On the other hand, federal government continued to lose jobs in May (-22K) and and is down by 59K since January. Employment in manufacturing decreased by 8K. Meanwhile, payrolls figures for March and April were revised lower. With these revisions, employment in the two months combined is 95K lower than previously reported. The data remains consistent with a slowing, yet still robust, labour market; however, recent policy changes from the Trump administration could put downward pressure on employment in the coming months.