Ever since the beginning of 2018, the US economy has been on a steady up surge with regards to both employment, and earnings. In the month of April, however even though trade tensions are predominant, and the financial markets are volatile; business have been able to boost job openings to 200,000 jobs according to the ADP Research Institute. This drastic increase signals that the job market is not only remaining strong, but also shows a very bright and prosperous future for the next several months, or even years.
In addition, to the creation of the 200,000 jobs in the month of April; payrolls according to the ADP Research Institute ‘Rose by $204k, and payrolls in goods-producing industries increased by $44k’. Having both the increase in jobs, and payrolls indicate a positive sign for the future of the US economy, and as a result the unemployment rate according to the Labor Department is expected to “continue to decline”. This increase in demand for labor is seen in almost all industries, such as construction, professional services and healthcare. Being more specific it was projected that “hiring in construction climbed by 27,000”, “Professional and business services boosted their workforce by 58,000”, and “health services added 35,000 workers”.
Both the rise in job creation, and payrolls provide great optimism for the US economy in the short, and long term. As stated due to the high demand in the labor market, more and more people will begin to climb out of poverty, and unemployment and provide for themselves. As a result, this will then further increase the growth in more industries, small businesses, and large businesses. If the status quo is maintained, we can expect the further growth of more markets for the next several months in both payrolls and job creation.