NFIB

Job Recovery Continues
06/04/2004

Employers have hired 248,000 new workers in the month of May, the Labor Department said Friday. Industries that posted the biggest gains included professional and business services, construction, health care and hotels and restaurants.

"The job market continues to gain strength," said Secretary of Labor Elaine Chao. May's increase of 248,000 payroll jobs exceeds market expectations and is the 9th straight month of job creation. 1.4 million jobs have been created since August 2003.

While employers continue to make new hires, unemployment is still at 5.6 percent.

A continually improving job market and a relatively sturdy unemployment rate has analysts looking toward the Federal Reserve meeting at the end of this month. Many have forecasted an increase from the low 1 percent rate that it has been at since last June.