The employers have given their vote of confidence in the US economy. As many as 280,000 jobs have been added by the employers, which has come as a surprise for everyone.
The US economy shrank at the start of this year, but the employers are confident that it is regaining its feet in the current times. The demand from customers is also increasing each day. According to John Silvia, Chief Economist at the bank Wells Fargo said, “It’s kind of a strange situation because consumers are getting jobs, and their incomes are improving.”
The country has now completely moved on from the Great recession that stung the US economy six years ago. The economy has gained momentum as the employers are busy hiring at a steady pace. Restaurants, sports stadiums, theaters and hotels have already added 57,000 workers in the last month considering the summer vacations in mind.
The Federal Reserve will also raise its interest rates in September as the economy does not need the stimulus of near zero rates anymore. The unemployment rate rose from 5.4 percent in April to 5.5 percent in May. The reason for the increase in unemployment is simple; thousands of more Americans have done justice to the fact that it’s the best time to look for work.
The US employers are too keen on hiring these days as the US economy shrank in the January-March quarter at an annual rate of 0.7 percent. In the current quarter, all the lapse in the US economy is being recovered and the growth rate is expected to reach 2.5 percent.
Full time employment is the need of the hour and part time jobs are being replaced with permanent work. The number of Americans with full time jobs accounted to 630,000 in May and it has gone up by 2.6 million in the last year.