Job Growth News Good for April

Economic Policy Institute: Jobs Picture, May 6, 2005:

“Strong, broad-based job growth surpasses expectations… In contrast to the recent spate of disappointing reports on the economy, last month’s job market performance was surprisingly upbeat. According to the report from the Bureau of Labor Statistics, employment grew by 274,000, easily beating forecasters’ expectations of gains of around 170,000. Furthermore, job gains for February and March were revised up by a combined amount of 93,000. “

Laurie’s Comments:

Positive signs outlined in the above report include:

* Widespread job growth across all industries, excepting factories.

* Information Services had its best month since the tech bubble burst back in 2000, with 12,000 new jobs added.

* Construction sector growth continued to outpace other sectors.

* The labor force has grown at an annual rate of 1.1%, compared to 0.4% over the comparable period last year.

Unfortunately, long-term unemployment remains an ongoing problem, with the number of jobseekers looking for work for at least 6 months at above 20% since October of 2002. The article cites a possible reason for this is “that the long-term unemployed are older and more highly educated than in the past, and it takes longer for these more experienced job seekers to find acceptable employment opportunities.”

With average monthly payroll growth of 181,000 over the past year that could hardly be called robust, growth has at least been strong enough to sustain economic expansion. Experts conclude that while the recovery has not proceeded at or near the pace desired, it does appear to be solid and continuing. This is good news for executives in career transition and indicates that it may be worthwhile to circulate your executive resume, actively keep up with your network, and monitor all resources for opportunities.