Who’s Hiring?

Chart of the Week for May 2-8, 2003

Erosion in the workforce continued in April, albeit at a diminished pace. The latest release of non-farm payrolls showed a reduction of 48,000 jobs, lower than original estimates and well below the prior two months. Not surprising, factory and tourism jobs were hardest hit while government and construction jobs increased. Payrolls have decreased in five of the past six months, and over the past two years 2.6 million jobs have been lost. The latest reduction in jobs has contributed to an increase in the overall unemployment rate to 6%.

Economists and analysts vary in their opinion of the seriousness of the report. Some anticipate that the Federal Reserve may act this month to bolster the weak economy, or at least indicate their concern that the economy could weaken further. Others are wary of reading too much into the payroll data because of the cautious mood evident during war times.

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