Every month we aim to be your resource for workplace economic changes and trends. Join us as we take an in-depth look at the current state of the economy & employment as we break down the numbers, explore unemployment trends and a closer look at hiring statistics.
This morning’s Bureau of Labor Statistics (BLS) employment report for the month of May showed positive job growth with the addition of 175,000 positions and a slight change in the unemployment rate to 7.6%.
Slight revisions to employment in March and April show that the gains for the two months were 12,000 less than previously reported. Over the past 12 months, employment growth has averaged 172,000 jobs per month.
For a visual of how the May jobs report is affecting employment and current hiring strategies see our latest Workplace Economy video below:
And now the report by the numbers.
Unemployment numbers remain flat
After last month’s report, economists projected that hiring and the unemployment numbers would remain flat as May numbers have been notably weak over the last several years; however experts were pleased to see growth as the private sector added 178,000 jobs. History has shown that a better than anticipated May will set the tone for the remaining months, which is good news for the state of our economy.
Positive sector gains point to economic recovery
In the report for May a number of sectors saw considerable growth gains including:
- professional and business services (+57,000),
- healthcare (+10,700),
- retail (+27,700),
- financial activities (+4,000),
- leisure and hospitality (+43,000),
- computer systems design and related services (+6,000),
- and architectural and engineering services (+5,000).
Amongst the sectors, professional and business services continues to lead with job growth— over 589,000 positions have been added in the last 12 months. Temporary help services saw an increase in May, adding an additional 25,600 jobs, and continues to trend up consistently for this year.
The growth in both the private and temporary sectors is not surprising as across the nation our offices are seeing demand for workers in business and professional services, retail, information technology (IT), and the healthcare industries.
Through a steady unemployment rate, consistent job growth, and better than projected employment additions month over month, the path to recovery is looking clearer.
As an employer or job seeker, how have you noticed these job reports affecting your bottom-line and prospect of employment?