Economy
May 8, 2018
BLS Data Shows Job Creation Increase in April
Written by Peter Wright
Employment increases in manufacturing and construction are signposts for steel sales activity. 2018 is starting off well.
Rising employment and wages are the basis of GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore, we need to be aware of changes to the employment picture. Net job creation in April as reported by the Bureau of Labor Statistics (BLS) on Friday was up by 21 percent from March’s upwardly revised count. In this context, net means the difference between gains and losses, which are both much larger numbers than we are used to considering. Over a seven-year period, gains averaged 7,211,000 per quarter as losses averaged 6,597,000 on the same basis.
