Signs of improvement in the US labor market

Payrolls climbed by 150,000 workers after a 115,000 gain in April, according to the median forecast of 68 economists surveyed by Bloomberg News ahead of Labor Department figures due June 1. Cycle of improvement Bigger job and wage gains will probably be needed to trigger a self-sustaining cycle of increases in hiring and consumer spending that will spur the recovery. At the same time, slowdowns in Europe and parts of Asia threaten to curb exports and manufacturing, representing a barrier to faster growth. “We have a labor market that’s improving, but not the kind of job growth that would really propel the recovery to a stronger phase,” said Julia Coronado, chief economist for North America at BNP Paribas in New York. “Barring a bad scenario in Europe, we would expect some stronger numbers in the second half of the year.” Employment screening As companies begin to start hiring again and the ‘cycle’ gets going, the importance of a formatted and valuable hiring process should not be forgotten.  When you hire new employees, you want to be sure that they are trustworthy – which can be achieved through background screening checks such as drug screening, education verification and criminal record checks. According to statistics from recent studies on drug abuse by American workers, workplace drug and alcohol use costs U.S. businesses an estimated $100 billion each year. Furthermore, 30% of all business failures are caused by employee theft. That’s almost 1 in 3 failed businesses that may have been saved had employment screening occurred. Get in touch to find out how you can protect your business. Ultimately, it’s better to be safe than sorry.]]>