May employment report comes in stronger than expected and offers encouragement for job seekers
The May Employment Report delivered a pleasant surprise. Employers added 172,000 jobs, well above expectations, while the unemployment rate remained relatively low.
Before diving into the numbers, readers who would like a deeper look at today’s report should check out this excellent New York Times article. The gifted article includes several charts showing where jobs are being created and which industries continue to drive hiring.
As many readers know, I occasionally write about my own search for part-time work. Like many job seekers, I’ve spent time scrolling through job boards, reviewing openings, and wondering whether the opportunities being discussed in economic reports actually exist in the real world.
Today’s report gives me a reason to stay optimistic.
While my own search has had its ups and downs, a stronger-than-expected jobs report is a reminder that employers are still hiring and that opportunities continue to be created across the economy. Sometimes it’s easy to focus on the challenges. Today’s numbers provide a reason to focus on the possibilities.
Much of the job growth was concentrated in healthcare, social assistance, education, leisure and hospitality, and government-related positions. These sectors continue to drive a large share of hiring activity in today’s economy.
Population growth has also helped support hiring in states such as Texas, Florida, North Carolina, Georgia, Arizona, and Tennessee. As communities grow, employers often need additional healthcare workers, teachers, service employees, and other support staff to meet demand.
Another report released this week showed productivity growth was revised lower for the first quarter, a reminder that economists continue to watch whether the economy can maintain growth while supporting higher wages and living standards.
Perhaps you’re currently looking for work yourself. Maybe you’re considering a career change, returning to the workforce, or looking for a part-time opportunity after retirement. If so, I hope today’s report gives you a little encouragement as well.
For me, it provides renewed energy to keep looking.
The economy isn’t perfect, but employers are still hiring, and today’s report gives me reason to keep looking.
Sources
• Employment Situation Report – Bureau of Labor Statistics
https://www.bls.gov/news.release/empsit.nr0.htm
• Productivity and Costs Report – Bureau of Labor Statistics
https://www.bls.gov/productivity/
Willie and Mike appreciate every reader.