The US monthly jobs report invariably commands attention from economy-watchers, and everybody knows today’s report was pretty good. Though unemployment rose slightly to 7.6%, some 175,000 new jobs were created during May. You can see our charts on the main trends here and here.
But there are some other numbers about jobs that rarely get looked at, yet tell us some important things about the state of play in US employment markets. Here they are.
The average number of hours worked usually rises when the economy is getting stronger. It stood still this month at 34.5 hours. But look how much it has improved since the worst of the crisis.
Like it or not the shale gas boom has been a major job creator over the last few years. Roughly flat over the last couple of months, but still.
Factory employees are turning in some of the longest work weeks since World War II. That’s bodes well for future hiring, as companies won’t be able to squeeze that much more out of workers. Here are the most recent numbers.
And here’s the historical look.
After a slight decline in April they bounced back with 7,000 new jobs in May. Not huge, but hanging in there, reflecting the rebound in US housing.
Sure, these aren’t always the most highly paid jobs in the world. But when stores are hiring, it suggests that employers are clearly seeing consumer demand. And with consumer activity accounting for roughly 70% of GDP, that’s a good thing.
Technically, this number lags a bit. But through April you can see that job growth among loan brokers, which includes mortgage brokers, has stayed strong. That’s a sign that banks want to issue more mortgages. And since housing is such an important part of the economy, this is not something to be dismissed. (These numbers aren’t seasonally adjusted, for the record.)