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Economy Overview

United States

Report | United States Employment Update - May 2014

Summary

​The U.S. economy rebounded in April, adding 288,000 jobs – the highest monthly figure since January 2012 – and seeing unemployment decline 40 basis points to 6.3 percent. This, combined with revisions to previous months' data, made April the third consecutive month of 200,000+ job gains, while the labor force will likely reach its previous peak in the next month. At the subsector level, growth was diverse, with all but two components (information and transportation and warehousing) recording monthly expansion. PBS, retail trade, education and health and leisure and hospitality continue to drive the majority of gains, although construction, wholesale trade and manufacturing have all made strides recently. While there are still challenges to overcome, including weakened financial activities and information growth, low labor force participation (62.8 percent) and elevated total unemployment (12.3 percent), geographical and industry-based diversification seems to be taking hold, mirroring the momentum seen in the office sector.

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