NEW YORK, June 7, 2013 /PRNewswire/ --
Job Market Remains Resilient
With a gain of 175,000 jobs in May, the resilient labor market sustained moderate job gains this spring. The sequester, along with the negative impact from slowing global trade, are being offset by the continued contribution from the revival in the housing market and stronger consumption. Construction is hiring to build new homes (and repair some existing homes). Manufacturing, however, is basically flat outside of auto assembly. The real story is a sustained pick up in the service sector. Business is now hiring workers they have long needed but were leery of hiring if the economy continued to crawl forward. Can this surprisingly resilient labor market continue? The key is not just the number of new paychecks from new jobs, but the additional spending power to perk up spending. Business will have to hire if there is more demand for goods and services.
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SOURCE The Conference Board