Jobs report summary

May 2010On 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.

Additionally, revisions to this year’s other reports now point to four consecutive months of job growth totaling 573,000 jobs added in 2010.

A surprise to some did come in the form of a raised unemployment percentage which was elevated to 9.9% from 9.7%. This is actually something that economists had been anticipating, and a good sign, as the increase is based on more people re-entering the workforce and having confidence in being able to find a job.

April’s BLS report also showed an increase of hours worked bumping up to 34.1 hours, and an increase in average hourly earnings. This data points to the continua-tion of productivity in the workforce, which is an essential component to the economy’s recovery.

Some additional insights from the BLS report include:

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.

Manufacturing- This industry added 44,000 jobs in April. Since December, factory employment has risen by 101,000 with gains in several areas including fabricated metals, machinery and goods manufacturing.

Construction- With the addition of 14,000 jobs in April, and 26,000 in March, this industry is finally starting to show growth. Both manufacturing and construction are seen as lagging indicators, meaning that they are the last sectors to see growth in an economic recovery, so the month-over- month growth in both sectors is an excellent sign.

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.

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.

Source: Labor Department

Source: Labor Department

Job marketJob growth is now visible and statistically significant…

The majority of industries are showing growth

Man

ufac

turin

g

+44

Leis

ure

&

Hos

pita

lity

+45Co

nstru

ctio

n

+14

Reta

il

+12.4

Lega

l

-.1.1

Acc

ount

ing

+.1.1

Fina

nce

+3

Arc

hite

ctur

e

-3.5

IT/T

echn

ical

+8.3H

ealth

care

+26.4Te

mpo

rary

+26.2

0K-100K-200K-300K-400K-500K-600K-700K

Mar ‘09 Apr ‘10

-650K

+290K

Jobs report summary May 2010

Regional unemployment snapshot

For the full report, go toworkplaceeconomy.com

© 2010 Adecco

Baltimore 8.0%

Boston 7.8%

Dallas 8.3%

Philadelphia 9.1%

Houston 8.5%

Milwaukee 9.8%

Cleveland 9.8%

Seattle 9.0%

St. Louis 10.9%

Atlanta 10.4%

San Francisco 11.0%

New York 9.9%

Chicago 11.2%

Miami 11.5%

Los Angeles 12.3%

Las Vegas 13.8%

Detroit 15.5%

Less than high school 14.7%

10.6%

8.3%

4.9%

9.9%

High school diploma

Some college

College educated

National average

TOTAL JOBS LOST DURINGTHIS RECESSION

JOBS LOST IN JANUARY

UNEMPLOYMENT RATE

WORST UNEMPLOYMENT RATE SINCE

8.4 million

36,000

9.7%

1983

TOTAL JOBS LOST DURINGTHIS RECESSION

JOBS LOST IN JANUARY

UNEMPLOYMENT RATE

WORST UNEMPLOYMENT RATE SINCE

8.4 million

36,000

9.7%

1983

TOTAL JOBS LOST DURINGTHIS RECESSION

JOBS GAINED IN APRIL

UNEMPLOYMENT RATE

WORST UNEMPLOYMENT RATE SINCE

8.4 million

290,000

9.9%

1983

0

-3

-6

-9%2 4 6 8 10 14 20+

Months of job losses

1945

1948-49

1953-54

1981-82

1973-752001

16

Months of job lossesMMoonntthhss ooff jjoobb lloosssseess

1945

1948-49

1953-54

Currentrecession

1981-82

1973-752001

18

Source: Labor Department

Source: Labor Department

Source: Labor Department

Job gains return,unemployment holds steady

Education continues to be the job search differentiator

The temporary sectorcontinues to growmonth by month

100

-100

0

12

J2009 2010

F M A M J J A S N D J F M AO