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May 2013 Workplace Economy
 

May 2013 Workplace Economy

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    May 2013 Workplace Economy May 2013 Workplace Economy Document Transcript

    • As the release date of the BLS’“The Employment Situation — April 2013”neared, most economists remainedencouraged, in spite of March’s initiallydisappointing employment figures, asonly 88,000 new jobs were generated.Prior to the release of the BLS’ latest jobs report, somefinancial experts predicted 140,000 jobs would be createdin April, while others were even more positive, anticipatinga rise in employment of 150,000.Despite their optimism, economists’ projections wereactually lower than the BLS’ published results, as 165,000jobs were added to the national economy last month. Long-term unemployment decreased to 4.4 million, a declineof 258,000, when compared to March’s data. Since April2012, the total number of long-term unemployed hasdecelerated by 687,000.Even though the national underemployment rate rose to13.9 percent and the average workweek for all employeeson private nonfarm payrolls decreased to 34.4 hours,April’s jobs report was quite positive for the most part.With total employment increasing by 293,000, and totalunemployment declining by 83,000, the national joblessrate dropped to 7.5 percent, the lowest rate recorded sinceDecember 2008.Recent jobs revisions were also very encouraging, asFebruary’s total job creation rose from 268,000 to 332,000,the highest monthly total since May 2010. And March’spreviously disappointing figures improved, rising to 138,000.As a result of these revisions, 208,000 new jobs have beengenerated per month, on average, since November 2012.In fact, new jobs have now been added to the nationaleconomy every month since March 2010. A majority ofthese positions have been generated by the private sector.“The economy has now added private sector jobs everymonth for 38 straight months, and a total of 6.8 million jobshave been added over that period,” said Alan Krueger,chairman of the Council of Economic Advisers. “Over 800,000private sector jobs have been added over the last four months.”Although we are still working toward full recovery, most ofthe results of April’s jobs report indicate that steady economicprogress is occurring. Since January, unemployment hasdecreased by 673,000, while nonfarm payroll employmenthas risen by 169,000 per month, on average, since April 2012.In addition, average hourly earnings continued to progressin April, rising to $23.87, the sixth consecutive month ofincreases.Although some private sectors, like information, reported joblosses, a majority added employees to payrolls last month,including each of the following sectors.• FinanceAfter sector employment deteriorated by 2,000 in March,hiring rebounded last month, rising by 9,000, the highestmonthly job creation total of 2013. To compare, sinceJanuary, the sector has added an average of 5,000 newjobs to the national economy per month.• HealthcareHiring remained robust in April, rising by 19,000, as 14.53million healthcare professionals were employed. As usual,a majority of the hiring occurred in ambulatory healthcareservices, which generated 13,600 new jobs.Finance Workplace EconomyMay 2013 Jobs report summary for the Finance and Accounting industry.Based on the BLS report with April 2103 data.165,000 new jobswere added in AprilSource: CNNMoney.com APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB mar apr 2012 2013thousands11212587153165138160247219148332138165
    • Finance Workplace Economy — MAY 2013• Leisure and HospitalityEmployment continued to upswing within the sectorlast month, as 43,000 professionals were hired. In all,14.1 million professionals were employed, mostly withinfood services and drinking establishments.• Professional and Business ServicesBack in March, economists were quite pleased with thesector’s employment figures, as hiring rose by 51,000.The upsurge continued in April, as 73,000 new jobs werecreated, a considerable improvement when compared torecent job growth trends. Since April 2012, the sector hasadded 48,917 jobs to the economy per month, on average.• Retail TradeWith employment deteriorating substantially in March,as 24,100 job losses were recorded, some economistsdid not anticipate strong employment figures in April.But, to their surprise, total employment rose by 29,300,as most new hires occurred in general merchandise stores.• Temporary Help ServicesThe sector has reported steady job growth since February.Last month, 30,800 hires were documented, leadingto a total of 67,100 new hires since early February.Positive jobs report eases fearof slowdown in U.S.Source: The Seattle TimesA surprisingly positive jobs report Friday showed thatemployers added 165,000 positions in April and the unem-ployment rate fell to a four-year low of 7.5 percent, sparkinga day of milestones on Wall Street as investors lookedpast doubts about robust hiring in the months ahead.The report from the Bureau of Labor Statistics sent stockssoaring at the open, partly because it exceeded low expec-tations but also because it included sharp upward revisionsto February and March job estimates, adding a combined114,000 jobs to those earlier tallies.READ MORE > http://seattletimes.com/html/nation-world/2020918594_econjobsxml.htmlConverged leases projectstruggles to maintain momentumSource: Journal of AccountancyFASB and the International Accounting Standards Board(IASB) are battling significant objections as they attemptto move the leasing project through another public expo-sure. While the revenue recognition project that’s dueto result in a final standard by the end of June has beentouted by many as a model effort, the boards havestruggled to maintain momentum in the leasing project.Like revenue recognition, leasing is a critical issue fora huge number of organizations and attracts tremendousinterest from the financial reporting community. But theproblem with developing a leases standard is all leasesare not created equal, so it is difficult to come up withoverarching accounting rules that govern them all.READ MORE > http://www.journalofaccountancy.com/News/20137917.htmlFor more insights into the job market and the economy,please visit accountingprincipals.com today.Industry INSIGHTSEmployment by selected industriesChanges from March – April 2013, in thousandsSource: BLSAccounting & Bookkeeping ServicesFinanceHealthcareLeisure & HospitalityProfessional & Business ServicesRetail TradeTemporary Help Services0 10 20 30 40 50 60 70 80