Saturday, June 05, 2004

Employment Situation Summary from The US Labor Debartment


THE EMPLOYMENT SITUATION: MAY 2004

Nonfarm payroll employment rose by 248,000 in May, and the unemployment rate was unchanged at 5.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The May increase in payroll employment follows gains of 346,000 in April and 353,000 in March (as revised). Job growth in May again was widespread, as increases continued in construction, manufacturing, and several service-providing industries.

Unemployment (Household Survey Data)

The number of unemployed persons was essentially unchanged at 8.2 million in May, and the unemployment rate held at 5.6 percent. The unemployment rate has been either 5.6 or 5.7 percent in each month since December 2003. The unemployment rates for the major worker groups--adult men (5.2 percent), adult women (4.8 percent), teenagers (17.2 percent), whites (5.0 percent), blacks (9.9 percent), and Hispanics or Latinos (7.0 percent)--were little changed in May. The unemployment rate for Asians was 4.2 percent, not seasonally ad-
justed.

Total Employment and the Labor Force (Household Survey Data)

Total employment was 138.8 million in May, and the employment-population ratio--the proportion of the population age 16 and over with jobs--remained at 62.2 percent. The civilian labor force participation rate was 65.9 per- cent for the fourth consecutive month.

Persons Not in the Labor Force (Household Survey Data)

The number of persons who were marginally attached to the labor force was 1.5 million in May, about the same as a year earlier. (Data are not season-ally adjusted.) These individuals wanted and were available to work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed, however, because they did not actively search for work in the 4 weeks preceding the survey. There were 476,000 discouraged workers in May, also about the same as a year earlier. Discouraged workers, a subset of the marginally attached, were not currently looking for work specifically because they believed no jobs were available for them. The other 1.1 million marginally attached had not searched for work for reasons such as school or family responsibilities.


Industry Payroll Employment (Establishment Survey Data)

Total nonfarm payroll employment rose by 248,000 in May to 131.2 million, seasonally adjusted. Since its recent low in August 2003, payroll employment has risen by 1.4 million; 947,000 of this increase occurred over the last 3 months. Job growth was widespread in May, with gains continuing in construction, manufacturing, and several service-providing industries.

In May, construction employment increased by 37,000, with most of the gain occurring in specialty trade contracting and the construction of buildings. Since March 2003, the construction industry has added about a quarter-million jobs.

Manufacturing employment grew by 32,000 in May. Since January, manufacturing as added 91,000 jobs, mostly in its durable goods component. In May, employment rose in three construction-related manufacturing industries: fabricated metal products, wood products, and nonmetallic mineral products (such as concrete and cement). Employment also increased in computer and electronic products.

Mining employment continued to rise in May. Since January, the industry has added 18,000 jobs.

In the service-providing sector, professional and business services added 64,000 jobs in May. Employment in temporary help services continued to rise (31,000) and has grown by 299,000 (or 14 percent) since April 2003.

Strong employment increases in health care and social assistance continued in May with a gain of 36,000. Over the year, this industry has added 274,000 jobs. Hospitals and ambulatory health care services, such as outpatient care centers, accounted for two-thirds of May's employment gain.

Within the leisure and hospitality industry, food services added 33,000 jobs over the month. Since the beginning of the year, employment in food services has increased by an average of 32,000 a month, more than double the average monthly increase in 2003.

Employment in financial activities rose by 15,000 in May, reflecting continued increases in real estate and in credit intermediation. Retail employment continued to trend upward in May; over the year, the industry has added 142,000 jobs. Within retail trade, employment edged up in May in building material and garden supply stores, food and beverage stores, and clothing stores. Wholesale trade employment also edged up in May; the industry has added 55,000 jobs since October 2003.

In the information sector, telecommunications employment was down by 5,000 in May. Since its peak in March 2001, the telecommunications industry has shed 283,000 jobs, a fifth of its total.


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