There were approximately 217,000 jobs that US employers generated for the people of America in the month of May. This is a significant number has made people hopeful of the better times to come with the economy strengthening.
Health care workers have gained the most, with over 54,000 workers being employed in May according to the Labor Department. It is Obama’s health care policies that have led to an expansion of work in the sector.
Why this increase?
There has been a visible increase in consumer spending in the medical industry with the changes in Medicaid and medical insurance policies of the country. It has been noticed as a trend that has automatically translated into more jobs in the health care industry according to Capital Economics’ chief US economist, Paul Ashworth.
Although the national employment rate remained steady at 6.3 percent, the increased hiring by the health care industry has pushed up the job growth (monthly) with an average of 234,000 for the last three months.
This latest release by the Labor Department is indicative of the American economy strengthening consistently, according to experts. One of the primary factors for this upward change is renewed confidence in the American consumer, that may help the US market break away in the near future from poorly performing economies of the world in Asia and Europe.
Medical care is not the only sector that was on a hiring spree in the last month. Restaurants and bars, manufacturing units and retailers have added approximately 32,000, 10,000 and 12,500 people in their workforce.
Hiring companies investing in long-term employee equations is another trend that is being seen in the positive light. Percentage of temporary jobs fell down to around 6.6 percent in the month of May as compared to a more than 10 percent average in the last few months.
Although these trends are promising for the US economy, the need of the hour is to create more jobs for the health of the US economy. There are many industries that have actually downsized their workforce, pegging the unemployment rate at a constant 6.6 percent. The government, both federal and state, the financial services sector, the movie business, warehousing as well as transport and many others now have a significantly less number of people on their payrolls as they did last year around the same time, the number consistently reducing gradually.