Report | United States Employment Update - May 2015
After a slow March, whose monthly employment growth was revised down to just 85,000 jobs, the U.S. economy rebounded with 223,000 net new jobs in April. Even with a 10-basis-point increase in labor force participation due to 58,000 new entrants to the workforce, unemployment dropped to 5.4 percent, the lowest rate seen during the recovery so far. Leading the way continued to be professional and business services, education and health and construction, with gains in other sectors more muted. Notably, mining and logging employment has felt the effects of rapidly declining energy prices, with a one-month net loss of 15,000 jobs and annual losses of 21,000 jobs. Sustained macroeconomic improvements outside of the labor market have resulted in an upward trajectory for job openings, hires and quits alike, while competition for talent is likely to keep wage growth above 2.0 percent for the rest of the year, with the potential to break 3.0 percent depending on the rate of growth across sectors. We expect continued momentum for the remainder of 2015 and into 2016 as corporates seek to expand further in geographies throughout the United States and across a wide spectrum of industries.
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