The US economy is about to see a new change in regards to the employment opportunities in May which was generated after the two low-slung months. The employers in the private sector contributed to the huge employment by adding 218,000 jobs. Along with it, local, state, and federal government also added 5000 jobs. Retailers, education & health, leisure & hospitality, and professional & business services added 32,000 jobs, 39,000 jobs, 21,000 jobs, and 31,00 jobs respectively. Manufacturers included 18,000 jobs while construction involved 25,000 jobs.
223,000 jobs were added in integration while the expectation on behalf of the Labor Department was 190,000 jobs. As per the Goldman Sachs, the growth of the employment stalled in the last two months due to the cold storms and unfavorable weather conditions.
When the low rate of employment is creating difficult scenarios for the people of the US, the employers are also facing difficulties in commencing their jobs through the competent employees. The political troubles in Italy will also affect the economic growth in regards to the euro section. The economists also think that the manufacturers that are based on the overseas sales must gear up with the employment opportunities amidst the trading disagreements between the US and other nations.
The educated and experienced professionals faced difficulty in finding a rightful job. However, the situation worsened for the people who don’t have any bachelor’s degree. The rate plunged from 5.9% to 5.4% for the people, who don’t have a high school diploma. For the job aspirants who have a high school diploma, the job opportunity depleted from 4.3% to 3.9%. While the people who have an associate or college degree the rate of employment depreciated from 3.5% to 3.2%.
The recent statistics were highly encouraging as the job opportunities soared, which fell to an all-time low in April. On the other hand, the analysts believe that among the positive notions, the Fed may elevate the rates four times the present value instead of three.