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U.S. Job Creation Largely Steady in May

Gallup Economy (06/06/12) Lymari Morales

Gallup’s U.S. Job Creation Index was at +19 in May, compared with +20 in April and +18 in March, providing a largely steady assessment of the U.S. job creation picture over the period in which the U.S. Bureau of Labor Statistics found job creation weakening. The U.S. Job Creation Index score of +19 for May reflects 35% of workers nationwide saying their employers are hiring workers and expanding the size of their work force, and 16% saying their employers are letting workers go and reducing the size of their work force. Gallup’s job creation measure does not reveal a significant change in May versus April and March. This means workers themselves did not perceive much change in hiring at their workplaces, even as the government found far fewer actual jobs being created.

Gallup also finds U.S. economic confidence and consumer spending holding at higher rates over the past three months. Taken together, the Gallup findings suggest Americans’ overall economic attitudes and behaviors remained slightly improved in March, April, and May, but did not get much better. Next month’s reports will reveal whether the May BLS jobs report has any negative impact.