Dollars and Jens
Friday, June 04, 2004
U.S. employers hired workers at a rapid pace for the third straight month in May, suggesting that the "jobless recovery" may indeed be over.That's taken from the Journal. You can read the BLS release for free.
Nonfarm business payrolls grew by a net 248,000 jobs in May, raising this year's monthly average to 238,000, the fastest pace in four years, the Labor Department reported Friday. That marked the third straight month that employers have added more than the 150,000 jobs economists say is necessary to keep the job market stable.
Payroll-growth figures for March and April, which were already considered strong by many economists, were revised even higher. Employers added 74,000 more jobs than previously thought during those two months. The surge in job creation drew some previously discouraged workers back into the civilian labor force, expanding it by 233,000 to 146.9 million. The unemployment rate, as a result, held steady at 5.6%.
The stock market is up.