Job Market’s Future Appears Brighter
Posted on May 16, 2010 in National Issues
The United States’ slumping economy appears to be on the rise after an April that saw a growth in hiring that netted 290,000 new jobs. This is the biggest such growth the country has seen in four years and continues in a recent trend in job growth that has seen 14,000 new jobs in February and 230,000 in March. Joel Naroff, an economic advisor, believes that “companies feel more comfortable that growth in the economy and in their own sales is here to stay and that they can start preparing for the future and add to their payrolls.”
Despite the growth in jobs, unemployment also grew during the month of April, rising from 9.7 to 9.9 percent. This, however, is seen as a factor of growth because 805,000 began to actively search for employment that had previously stopped. This growth in unemployment, which some analysts predict could be as high as 10.2 percent by June, should rise slightly above the 10.1 percent high in October.
The burst in new jobs came from a surprising sector of the economy. Manufacturers saw their factory demand grow at its fastest rate in six years. These businesses responded by adding the most jobs in a month since 1998. Other industries that saw growth included retailers, professional and business services, education and health services, leisure and hospitality and the federal government.
While this growth has been a much-needed reprieve from a stretch of economic downfall, it is still estimated that 15.3 million people were out of work during April. Additionally, part-time workers whom would rather be working full time rose by 98,000 to 9.2 million. Clearly more work is needed to be done but this growth represents a move in the right direction.