Workplace Economy July 2013 - Jobs Report

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Here is what this month’s report looks like. Where do you think we are headed for the remainder of the year and what does it mean for your business?
June jobs report adds thousands of jobs

The June’s Bureau of Labor Statistics (BLS) employment report showed positive job growth with the addition of 195,000 positions and an unchanged unemployment rate of 7.6%. The change in total nonfarm payroll employment for April was revised from 149,000 to 199,000, and the change for May was revised from 175,000 to 195,000, adding an additional 70,000 jobs to the economy.

Economists anticipated, and accurately predicted, an unchanged unemployment rate. This month marks four years since the start of the economic recovery. Nonfarm payroll employment increased by 195,000 in June, which is slightly higher than the average monthly gain of 182,000 over the prior 12 months.
Does positive growth mean a recovery?

A number of sectors saw positive growth, including professional and business services (+53,000), retail (+37,100), leisure and hospitality (+75,000), financial activities (+17,000), healthcare (+19,800), computer systems design and related services (+7,300), and architectural and engineering services (+3,000).

Temporary help services saw an increase in May, with an addition of 10,000 jobs, contributing to the confident,fotolia,handsome,happy,laughing,models,relaxed,smart,tannedgrowing numbers for this year within the subsector. Additionally, another positive sign was seen with a strong increase in leisure and hospitality positions, signifying that Americans are spending money on discretionary and leisurely activities.

Adecco is seeing strong demand for workers in business and professional services, retail, IT, and the healthcare industries. Things continue to look consistently bright for employment as the economy continues towards full economic recovery.

As a provider of jobs and opportunities to help the economy recover, we aim to bring you the latest updates each month from the Bureau of Labor Statistics, it’s important to you and it’s important to us! Subscribe to our blog and follow us on Twitter for updates each month.

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Workplace Economy July 2013 - Jobs Report

  1. 1. According to the report, 195,000 new jobs were generated last month, exceeding a majority of economists’ projections, as most financial experts anticipated a rise in employment of 150,000 to 165,000. The national civilian labor force also augmented, rising by 177,000, as total employment was measured at 144.1 million, an increase of 160,000, when compared to May’s figures. Since June 2009, the official end of the Great Recession, 5.3 million new jobs have been added to the national economy, an average of 110,417 per month. In that time, the nation’s jobless rate has decelerated considerably, from 9.5 to 7.6 percent, the lowest measurement recorded since December 2008. Furthermore, the report revealed two substantial job creation revisions, as April and May’s total monthly nonfarm payroll employment rose to 199,000 and 195,000, respectively, an increase of 70,000 jobs. As a result of these revisions, 2013’s average monthly job creation also upturned, from 189,200 to approximately 202,000. The total number of workers employed part-time, due to economic reasons, also increased, by 322,000, rising to 8.2 million. Economists agree that significant economic progress has occurred throughout the past 12 months. Since June 2012, employment has risen by 1.6 million, whereas unemployment has declined by 924,000. Moreover, the civilian labor force has increased sharply, by 686,000. Although the economy’s recovery from the Great Recession is occurring at slow but steady pace, a majority of June’s jobs report findings appear to indicate that America’s employment situation will likely continue to improve throughout the second half of 2013. Although some private sectors, like information, reported job losses, a majority added employees to payrolls last month, including each of the following sectors. Workplace Economy July 2013 195,000 new jobs were added in April Source: CNNMoney.com Numbers are seasonally adjusted. Source: Bureau of Labor Statistics Thousand 195 195 87 153 165 138 160 247 219 148 332 199 JUN 2012 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN 2013 As millions of Americans celebrated Independence Day weekend, the BLS released one of the most encouraging jobs reports in recent memory – “The Employment Situation – June 2013.” 142 As Americans awaited the results of the latest BLS jobs report, many economists projected one certainty would be fully realized: a continuous rise in private sector hiring. After all, private sector employment had grown every month since February 2010. In fact, sector hiring has been wide-ranging throughout 2013, increasing by 178,000 as recently as May. Economists’ predictions were accurate, as 202,000 new private sector jobs were added to the national economy in June, one of the highest monthly totals reported in recent memory.
  2. 2. Rising for the 40th consecutive month, private sector hiring was particularly robust within the following industries. Financial services: After decelerating a bit in May, sector hiring rebounded last month, rising by 17,000. Roughly 12,600 hires were recorded in finance and insurance, whereas real estate generated 4,400 new jobs. Healthcare: As one of the nation’s most reliable employers, the healthcare sector generally releases consistent job figures, as employment tends to rise on a monthly basis. With 19,800 professionals added to payrolls last month, the sector’s latest employment figures were no exception. Leisure & hospitality: Since June 2012, the sector has created approximately 42,833 new jobs, on average. This pace was nearly doubled last month though, as the sector hired 75,000 new employees, 51,700 of which accepted jobs in food services and drinking places. Professional & business services: Sector hiring continued to upturn last month, rising by 53,000, as workers accepted job offers within a variety of industries, from employment services (18,600) to management and technical consulting services (8,400). Retail trade: Employment rose by 37,100 last month, exceeding May’s initial figures by nearly 10,000. To compare, since June 2012, employment has increased by 25,008 per month, on average. Temporary help services: Sector hiring augmented for the fifth straight month, rising by 9,500. Roughly 2.7 million professionals are presently employed within the sector. For more insights into the job market and the economy, please visit workplaceeconomy.com Sector changes observed in June Source: BLS Architecture & engineering Finance Healthcare Leisure & hospitality Professional & business services Retail trade Temporary help services 0 10 20 30 40 80 Workplace Economy July 2013 Thousand 50 60 70

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