Friday, June 7, 2013

Employment Update: May 2013

According to the Bureau of Labor Statistics (see BLS release), the economy added 175,000 jobs. March results were modified by adding 4,000 jobs in that month; the total for April was reduced by 12,000 jobs. Revisions, therefore, accounted for a loss of 8,000 jobs. The net gain in May, therefore was 167,000 jobs—a decent increase but not a signal of any kind of growth-resumption. The graphic follows; pink bars indicate revised bars; red is the result for May—but subject to revision in the future.

This year I have also calculated, each month, what 2013 will look like as a whole if current trends hold. The projection, this month, based on five months of data, show that the economy will gain 2.27 million jobs. That result continues to be better than actual job growth in the 2010-2012 period, but it down from last month. Last month’s projection was 2.35 million.

Much as last month so in May, the real economy, that which produces goods, lost employment (1,000 jobs). So did government (a loss of 3,000 jobs). All the gains were in the services producing sectors, the two biggest gainers being Professional Business Services and Retail. Note here that within Professional Business Services, where 57,000 jobs were created, Temporary Employment accounted for 25,600 of those jobs or 45 percent. Even in the services, there is real hesitation in creating new, permanent jobs.

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