This morning’s Bureau of Labor Statistics (BLS) employment report for the month of April showed encouraging data with the addition of 165,000 jobs and a slightly changed, but lower, unemployment rate of 7.5%. Positive revisions to the February report — initially strong at 268,000 — increased the total to 332,000 jobs, while growth was seen in the March numbers with the BLS adding an additional 50,000 jobs to the economy, totaling 138,000 – more in line with 2013 growth trends.
After last month’s report, economists projected that hiring and the jobs report would be weak for the second time in a row; however April’s growth rebounded with the private sector adding 176,000 jobs. Additionally, the number of long-term unemployed individuals (those jobless 27 weeks or longer) declined by 258,000 and private sector job creation totaled 176,000.
A number of sectors saw gains including professional and business services (+73,000), healthcare (+19,000), retail (+29,300), financial services (+9,000) and leisure and hospitality (+43,000). Temporary help services also saw an increase in April (+31,000); a sign employers are opting for temporary help in an effort to expand and meet business needs.
Government job cuts are seemingly one of the larger hits on the economy of late – a trend that was seen consistently throughout the recession – showing a loss of 11,000 jobs in April. There will be a close watch on the long term effects of the government sector on the economy as job cuts continue. The significant increase in job additions after a weak March report is a positive sign that job growth is remaining relatively consistent month over month, which should calm some of the unease that came with last month’s numbers.
Adecco is seeing an increased demand for workers in business and professional services, retail, IT, mortgage, banking and the consistently growing healthcare industry. The demand for temporary workers continues to be strong, with long term, temporary assignments on the rise. As 2013 progresses, it seems that the economy is continuing to improve.
Check out our informative video which breaks down the numbers from this month’s jobs report and explores the current youth unemployment issue.