Key facts
- US average weekly hours remained at 34.3 in May.
- Average weekly hours were unchanged from April.
- US average hourly earnings increased 3.4% year-over-year in May.
- Year-over-year hourly earnings growth slowed from 3.6% in April.
The average weekly hours worked by US nonfarm payroll employees held steady at 34.3 in May, meeting the consensus forecast and matching the revised figure from April. This data, released by the Bureau of Labor Statistics, indicates stable labor market intensity. In parallel, the average hourly earnings for US workers increased by 3.4% year-over-year in May. This growth rate is a deceleration from the 3.6% recorded in April but aligns with market expectations. The combination of stable hours and moderating wage growth provides insights into the current state of the US labor market and inflationary pressures.