The month of May was positive for the job industry. Hiring was strong and the rates were directed towards an increase. As the month ended, the employment industry returned to its pre-recession levels. This serves to indicate that our country’s economy is past the slump which occurred because of one of the severest winters
The Labor Department said that around 217,000 jobs were added in May. Though enough jobs were added in May, a pole estimated this number to be closer to 218,000. The Labor Department also revised the data for the month of March and April and clarified that around 6,000 less jobs were added than the figures claimed by the previous report.
For the month of April, the previously recorded employment figures were around 282,000. Even if 6,000 is subtracted from it, it will still be greater than the 200,000. Considering the values achieved in the past months, May is the fourth month in a row in which the figures have exceeded 200,000. From an economical point of view, this is an important milestone because it represents a recovery.
When the country was going through recession, around 8.7 million jobs were lost. Ever since the month of February in 2010, employment has increased by 8.8 million, a number which surpasses the value of the jobs lost.
Narrowing down to sectors, the manufacturing industry witnessed 10,000 new jobs and the construction industry increased their jobs by 6,000. Both these sectors have experienced consecutive gains for the past 10 and 15 months, respectively.
Average hourly earnings, indicating the pace at which the slack in the labor market is being removed, increased by five cents.
As for the unemployment rate, it is still close to 6.3%, which has been the recorded value for the past 5.5 years. Maybe in the time to come, we can expect a rise in figures because more people have started searching for a job these days, whereas previously they had lost all hope. The industry experts believe that many workers, which had previously left the labor market, will now re-enter since the situation is much better.
Studies predict that this quarter will witness an economical growth by around 3%. In the first quarter, the harsh winter weather had an effect and the economical growth actually dropped by 1%.