Adecco USA Job Market Update May 2014

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Adecco USA Job Market Update May 2014

  1. 1. • Job Market Update U.S. Economic Data Reflective of the Bureau of Labor Statistics “The Employment Situation – May 2014” As of June 2014
  2. 2. • Overview of “The Employment Situation” • As recently as May 2014, total nonfarm payroll employment increased by 217,000 - Employer hiring increased - 4th straight month of 200,000+ job gains - US added over a million jobs thus far in 2014 • Revisions to prior month: - April stats were 6,000 less than originally reported (still impressive at 282,000) 2
  3. 3. • 217,000 new jobs added in May 199 201 149 202 164 237 274 84 144 222 203 282 217 InThousands 3 * Numbers are seasonally adjusted. Source: BLS
  4. 4. • Unemployment rate same for April & May • Total nonfarm payroll employment surged, rising by 217,000 - 51st straight month of positive job creation • Unemployment rate held the same as April at 6.3% (lowest in 5 ½ years) • Temporary jobs declined by 218,000 • Unemployed persons reentering the workforce increased by 237,000 • Discouraged workers decreased by 90,000 since April 2014 - Total 697,000 people 4 JOBS GAINED IN MAY UNEMPLOYMENT RATE LOWEST UNECMPLOYMET RATE SINCE 217,000 6.3% OCT 2008
  5. 5. • Duration of unemployment by education attainment 5 Source: whitehouse.gov
  6. 6. • May’s job creation statistics widespread • United States private sector generated over 216,000 jobs in May - Employment rate back to pre-recession conditions - US has more jobs than in over four years – claiming 8.8 million since January 2008 - Over the year, unemployment rate has dropped 1.2% (1.9 million people) 6 Source: BLS
  7. 7. • Industry Breakdown Professional & Business Services • Increase of 55,000 jobs - IT consulting & designs: 9,000 jobs (2.96 million total workforce) • 6,600 new jobs in computer systems design and related services (1.75 million total workforce) • 6,800 new jobs in management and technical consulting services (1.2 million total workforce) - Temporary help services: 14,300 jobs (2.85 million total workforce) • Total Americans employed in this sector during May: 19.1 million • Average growth per month: 55,000 jobs Healthcare • Increase of 34,000 jobs - Ambulatory services: 23,100 jobs (6.6 million total workforce) - Hospitals: 6,900 jobs (4.8 million total workforce) - Nursing & residential care: 3,600 jobs (3.25 million total workforce) Temporary Help Services • Increase of 14,000 jobs • Since May 2013, have growth of 2.85 million people employed 7 Source: BLS
  8. 8. • Industry Breakdown Leisure & Hospitality • Increase of 39,000 jobs - Food services & drinking places: 31,700 jobs (10.6 million total workforce) - Accommodations: 2,700 jobs (1.9 million total workforce) • Total Americans employed in this sector during May: 14.58 million Construction • Increase of 6,000 jobs - Heavy & civil engineering increased by 3,200 jobs (914,700 total workforce) - Residential building: 3,200 jobs (1. million total workforce) • Total Americans employed in this sector during May: 6 million’ Retail • Increase of 12,500 jobs • Food & beverage: 9,000 jobs (3 million total workforce) - General merchandise stores: 5,300 jobs (3.1 million total workforce) - Motor vehicle & parts dealers: 6,800 jobs (1.7 million total workforce) - Health/personal care store: 4,500 jobs (1 million total workforce) - Motor vehicle and parts dealers: 2,900 jobs (1.8 million total workforce) • Total Americans employed in the sector during May: 15.3 million 8
  9. 9. • Employment in total non-farm 2 6 10 9.9 12.5 16.4 -0.1 -5 3 55 63 39 14.3 4 1 -10 0 10 20 30 40 50 60 70 Mining and logging Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Utilities Information Financial activities Professional and Business services Education and health services Leisure and hospitality Temporary help servies Other services Government Over-the-month change, May 2014 9 * Numbers are seasonally adjusted in thousands. Source: BLS, Current Employment Statistics Survey, May 2014
  10. 10. • Metropolitan employment improving across the country • Regional and state unemployment rates continued to fall for the majority of the Unites States metropolitan areas • In April, the national unemployment rate fell .5% points to 6.3 (1.2 percentage points lower than the previous year) - 357 of the 372 areas showed a lower unemployment rate from April 2013 - 12 metro areas reported higher unemployment (18 less than the previous year), while 3 showed unchanged data (compared to 14 last year). - Bismark, North Dakota — at 2.6%—led the nation with the lowest unemployment rate - 19 states had jobless rates significantly lower than the US figure of 6.3, while 7 states and DC had higher rates, and 24 states had rates that were not measurably different than the national average. - Employment increased in 302 of 372 metropolitan areas, decreased in 63 areas and was unchanged in 7 areas - 30 of the 32 metropolitan divisions had over-the-year employment gains and 2 had losses since April 2013 10
  11. 11. • Mid-Atlantic Region – April 2014 • Unemployment rate 6.4% (-0.2% from previous month) • Philadelphia, PA had the largest rate decline for a year earlier (-2.2% points) • State College, PA reported lowest unemployment rate at 3.5% • Salisbury, MD recorded highest at 7.2% • States: - New Jersey - New York - Pennsylvania 11
  12. 12. • Midwest Region – April 2014 • Unemployment rate 6.1% • By state - North Dakota had lowest unemployment rate of 2.6% • By city - Ames, Iowa had the lowest rate of 2.7% (-0.5% from previous month) • Largest over-the-year percentages increase in job growth occurred in North Dakota (+5.2) • States: - Illinois - Indiana - Iowa - Kansas - Michigan - Minnesota - Missouri - Nebraska - North Dakota - Ohio - South Dakota - Wisconsin 12
  13. 13. • Mountain-Plains Region – April 2014 • Unemployment rate 6.1% • By state – Nevada had the largest unemployment rate decrease at 2.1% from previous year - Still came in last in the region with 8% unemployment (-0.5 from previous month) • By city – Yuma, AZ has largest unemployment rates in the country at 23.8% (+1.2% from previous month) • States: - Alaska - Arizona - California - Colorado - Hawaii - Idaho - Montana - Nevada - New Mexico - Oregon - Utah - Washington - Wyoming 13
  14. 14. • New England Region – April 2014 • Unemployment rate 6.1% (0.2% decrease) • Vermont Burlington-South Burlington metro area recorded lowest unemployment rate of the region at 2.8% (down 0.5% in previous month) • Highest unemployment rate remained at Lawrence-Methuen-Salem MA-NH at 9.6% unemployment • States: - Connecticut - Maine - Massachusetts - New Hampshire - Rhode Island - Vermont 14
  15. 15. • Southeast Region – April 2014 • Unemployment rate 5.9% • South Carolina (-2.6%) and North Carolina (-2.2%) had the largest unemployment rate declines from April 2013 • Florida had one of the largest over- the-moth employment increases, adding 34,000 new jobs. • Crestview, Fort Walton Beach, and Destin, FL also had the lowest unemployment rates in the region at 4.1% • States: - Delaware - District of Columbia - Florida - Georgia - Maryland - North Carolina - South Carolina - Virginia - West Virginia - East South Central - Alabama - Kentucky - Mississippi - Tennessee 15
  16. 16. • Southwest Region – April 2014 • Unemployment rate 5.2% • Louisiana had the lowest unemployment rate of 4.5% • Little Rock, North Little Rock, and Conway areas had highest unemployment rate at 8.4% • Texas saw the largest over-the-month increases in employment across the US with 64,100 new jobs • States: - Arkansas - Louisiana - Oklahoma - Texas 16
  17. 17. • West Region – April 2014 • Unemployment rate 7.0% • Wyoming had the lowest unemployment rate of 3.7% - Casper, WY – 3.2% • California had the largest over-the- year job increased adding 340,200 since April 2013 - Overall jobless rate of 7.8% - El Centro, CA had the highest unemployment rate in the state at 21.6% • States: - Alaska - Arizona - California - Colorado - Hawaii - Idaho - Montana - Nevada - New Mexico - Oregon - Utah - Washington - Wyoming 17
  18. 18. • Questions?

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