Adecco Jobs Report Summary May 2010

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  1. 1. Jobs report summary May 2010 On the road to recovery.The April BLS report proved to be a better than expected surprise with the addition of 290,000 jobs, approximately 100,000 more jobs than economists and analysts expected. This data shows that the economy is on the road to recovery.Job market Additionally, revisions to this years other reports now point Job growth is now visible and statistically significant to four consecutive months of job growth totaling 573,000 jobs added in 2010. 0K A surprise to some did come in the form of a raised unemployment percentage which was elevated to 9.9% -100K +290K from 9.7%. This is actually something that economists had -200K been anticipating, and a good sign, as the increase is based on more people re-entering the workforce and-300K having confidence in being able to find a job. -650K -400K Aprils BLS report also showed an increase of hours worked bumping up to 34.1 hours, and an increase in -500K average hourly earnings. This data points to the continua--600K tion of productivity in the workforce, which is an essential component to the economys recovery.-700K Some additional insights from the BLS report include: Mar 09 Apr 10 Source: Labor Department The Temporary Sector- This sector has been the industry to watch for the last seven months. In April, there was the addition of 26,000 jobs, and the industry has added 330,000 jobs since September 2009. The majority of industries are showing growth Manufacturing- This industry added 44,000 jobs in April. Since December, factory employment has risen by 101,000+45 with gains in several areas including fabricated metals, +44 machinery and goods manufacturing.Construction- With the addition of 14,000 jobs in April, andArchitecture 26,000 in March, this industry is finally starting to show+26.2 +26.4 growth. Both manufacturing and construction are seen as lagging indicators, meaning that they are the last sectors +12.4 +14 +8.3 Legal to see growth in an economic recovery, so the month-+3+.1.1 over- month growth in both sectors is an excellent sign.ManufacturingTemporary Healthcare-.1.1Hospitality Retail Construction AccountingFinanceIT/Technical-3.5 Leisure & Leisure and Hospitality- 45,000 jobs were added during the month, which shows a direct correlation to consumer confidence, since the industry is based around discretion- ary activities such as dining at restaurants and travelling, and employment only increases when there is a demand for services in the sector. Source: Labor Department Our clients are certainly seeing and feeling the recovery, with many reforecasting business plans and hiring decisions for Q3 and Q4 2010 as a result of positive economic signs. In addition, many discussions are now being had around adding temporary positions, and bringing on permanent employees.
  2. 2. Jobs report summary May 2010TOTAL JOBS LOST DURING0THIS RECESSIONRegional unemployment 20011973-758.4 million snapshot1981-82 JOBS GAINED JANUARYLOST IN IN APRIL-31953-54 Job gains return,290,00036,000 unemployment Current holds steady -6 1948-49 recessionUNEMPLOYMENT RATEBoston7.8%9.9%9.7% 1945 Baltimore 8.0% -9% WORST UNEMPLOYMENTRATE SINCE2 46 81012 1416 18 20+Months of job lossesMonths of job losses1983 Dallas8.3% Source: Labor DepartmentHouston 8.5%Seattle 9.0%Less than high school14.7% Philadelphia 9.1% High school diploma10.6% Milwaukee 9.8%Education continues to be the job search Some college 8.3% Cleveland 9.8%differentiatorCollege educated 4.9% New York9.9% National average9.9% Atlanta 10.4% Source: Labor Department St. Louis 10.9%San Francisco 11.0% 100 Chicago 11.2%Miami 11.5% The temporary sector0 Los Angeles 12.3% continues to grow month by month Las Vegas 13.8% -100 Detroit 15.5%JF M A M J J A SO ND J F M A 20092010 Source: Labor Department For the full report, go toworkplaceeconomy.com 2010 Adecco