Posted by Paladin on June 17, 2013
A summary of the BLS jobs report for the professional and business services industry – based on May 2013 data.
With the release of the BLS’ “The Employment Situation – June 2013” report just days away, many economists anticipated the nation’s recent job growth trends would continue. After all, the national unemployment rate had contracted to 7.5 percent in April, the lowest rate recorded since December 2008, as an average of 195,750 jobs had been generated per month since January.
Most economists’ projections were a bit lower than 2013’s monthly job creation average, typically ranging from 160,000 to 170,000 but they were virtually accurate.
According to June’s employment report, 175,000 new jobs were added to the national economy last month. The civilian labor force also grew, by 420,000, rising to 155.7 million.
The national unemployment rate rose slightly to 7.6 percent with many economists noting this rise in unemployment is actually encouraging, signifying that Americans’ confidence in the marketplace is improving, as the nation’s unemployed are beginning to look for jobs once more and are considering themselves active participants in the job market.
As further proof of economic recovery, the total number of Americans pursuing unemployment benefits recently declined, falling to 346,000 during the last week of may, a decrease of 11,000. This contraction was likely directly associated with the private sector, which continues to hire at a steady pace. Since January, 972,000 private sector jobs have been added to the national economy, according to Alan Krueger, chairman of the council of economic Advisers.
In all, 11.8 million Americans are unemployed. 780,000 are considered discouraged workers, as they have given up on their job searches for the time being, lacking confidence in the job market. And 7.9 million Americans are presently working part-time for economic reasons.