On Friday (5/6/11), the Bureau of Labor Statistics announced the U.S. had added 244,000 jobs in April (2011), the third consecutive month for the U.S. to add at least 200,000 net jobs. Private sector jobs were added at the highest rate in 5 years.
The Professional and Business Services sector added about 51,000 new workers, followed by tourism (46,000), and health care (37,000). Manufacturing posted gains of 29,000 employees.
As expected the largest loser was government, primarily local governments. Sector employment dropped off by 24,000 workers.
The nation has regained 1.3 million jobs in the past year; however payrolls have about 7 million fewer workers than at the pre-recession peak. Despite this improvement, the recovery continues to be painful for a society that thrives off instant gratification.
The current momentum will continue if inflation remains in check, the double dip in the construction sector and housing markets is short-lived, and net job gains continue to average at least 200,000 jobs per month. It will take about 3 more years to recover all jobs at that rate of growth.
In two weeks the Colorado Office of Labor Market Information will release its preliminary employment update for April. Positive, but less than robust job gains are expected, with PBS, Tourism, Health Care, and Higher Education leading the way.
©Copyright 2011 by CBER.