The national unemployment rate for May fell to 9.7% from 9.9% last month, primarily as a direct result of the 411,000 temporary Census workers hires that pushed job creation in May to 431,000. Only 20,000 jobs were added in the private sector. The number of unemployed persons was 15.0 million.
Our economy is one of the "Haves" and the "Have nots". Certainly these are simple words, but never the less they reflect what is currently transpiring in the job market. And, as I have said many times, there are no simple solutions, yet it helps to be current on the knowledge of where the jobs are being added.
The "Haves" are gainfully employed with a full time job or in this market I'd add in the employees that have managed to survive by working numerous part-time jobs. The hours worked for the full-time employees have increased by .1% last month and up to .5% since October. Wages are rising at an anemic 1.6%. Yet, I am sure these people are happy they still have a job.
The manufacturing sector added 29,000 jobs in May in the durable goods sector, along with the auto manufacturers adding 9,300. The auto makers owe us some jobs after the millions of tax payer's money they received in the bailout. Though GM says they've paid it all back! And, Ford never took any money from the government.Mining added 10,000 positions and healthcare which has been a bright spot in hiring, only added 8,000 jobs in May, down from its monthly average of 20,000.
The "Have nots" continue to look for any work that remotely matches their skills in a growing job sector. This remains a challenge with the continued job losses in most sectors and the still falling housing prices. Retail hiring, which was a fall back position for many, cut 7,000 jobs last month.
The financial sector and the real estate sector both cut 7,000 jobs while construction was hit harder than expected with a loss of 35,000 jobs. State and local government jobs also fell to only 28,000 added as lay-offs are looming as the States try to balance their budget. The States are running out of money!
Census workers continue to benefit with the federal government adding over 400,000 jobs. This does seem to be the best temporary job in this difficult economy. And, it's not too late to get work here if you act quickly. The pay averages over $18/hr for field people and over $13/hr for office workers. Most temps are working full time and hoping they'll turn this part-time job into full-time work. I wouldn't count on it!
My advice for the "Haves" is to keep saving money and spending less to keep building a financial cushion to withstand a job loss.
For the "Have nots" I'd suggest you keep networking for paid or internship work. This is how most will find work in this job market. Keep your skills current and perfect your resume. Know that there is a job out there for you, but perhaps it's something very different than you are currently doing.