In case you missed the BLS’ employment report released Friday, check out a quick recap in the First Business video below, where Brent Rasmussen, President of North America at CareerBuilder, talks about the highlights of the report and what it means for the current and future state of the job market:
Among the highlights of the report:
- Employment rose by 290,000 in April, surpassing the 185,000 predicted by economists
- The unemployment rate, which hit 9.9 percent, increased due to the number of people who, previously discouraged from looking for jobs, have resumed their job searches (the unemployment rate only captures those who are actively looking for jobs)
- Hourly wages increased slightly last month, to $22.47 from $22.46
- The average work week increased to 34.1 hours from 34 hours in March
- The manufacturing industry sector experienced the biggest boost in growth, adding 44,000 jobs; followed by temporary help services (26,000); health care (20,100); construction (14,000); retail (12,400); mining (7,000); computer systems design (7,000) and federal government (66,000 – due largely to temporary workers hired for the census)
- The transportation and warehousing and information companies industry sectors all cut jobs last month
While recovery is well underway, its status as a slow one has yet to change. With the economy growing at just a 3.2 percent pace in the first quarter of this year, it has a long way to go to catch up for the 6 percent to 8 percent per quarter gains it needs in order for employers to start hiring significantly.
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