Total employment in the U.S. job market increased by 175,000 jobs in May, according to the latest statistics from the U.S. Bureau of Labor Statistics (BLS). This represents approximately 10,000 more jobs than were added in April, and is the highest gain in employment since February. Employment rose in three industries: professional and business services, food services and drinking places and retail trade.
Along with the announcement comes the news that Americans are more optimistic about the economy than they have been since before the recession. A CBS News/New York Times poll shows that 39 percent of Americans evaluate the economy as “good,” the highest percentage to give that rating since December 2007. In comparison, 31 percent rated the economy as good in April while only 5 percent gave the same rating in February 2009.
The survey reveals that 46 percent of Americans polled say the job market in their area is improving, up from the 42 percent who said the same in March. This may explain a small rise in the unemployment rate in May (7.5 percent in April to 7.6 percent in May), which indicates that people who had given up looking for jobs are on the hunt again. While this technically increases the unemployment rate, it sends the message that more people feel better about the job market and their chances of finding employment.
Another recent Labor Department release shows that gross hiring rose by nearly 200,000 jobs from March to April. The Job Openings and Labor Turnover data (see Table A), which looks at data a month behind the Employment Situation report, notes that although an increase in job separations occurred in April, this was mostly due to people quitting their jobs. This further suggests that workers have more confidence about entering the job market, according to the Wall Street Journal.
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