Report | United States Employment Update - June 2015
The U.S. labor market rebounded to the strong performance seen near the end of 2014 in May, adding 280,000 jobs and unemployment changing little at 5.5 percent. Leading the way were the key subsectors of education, health, professional and business services and leisure and hospitality, while other industries continued to expand with the notable exception of mining and logging, which is still unstable as oil prices have yet to stabilize. Despite somewhat gloomy first-quarter numbers for metrics such as GDP, we believe that the momentum accrued in the job market as well as rising business and consumer confidence, sustained business investment in equipment and intellectual property, slowly rising home prices and sales as well as diversification of growth align with consistent job creation, ultimately being responsible for further economic momentum throughout the second half of 2015 and into 2016. With growth in jobs exceeding population increases in large metro areas, the battle for talent will drive up wages in the coming months as well.
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