Before government figures have even been released, one group is predicting that more than 500,000 jobs were lost during May.
WANTED Technologies‘ Hiring Demand Indicators report is predicting that 565,000 non-farm payroll jobs were lost during May. The consensus estimate from Thomson Reuters predicts a decline of 530,000 jobs for May.
This would put the levels of hiring demand for May in line with previous months, meaning that while employment conditions aren’t improving, they’re not getting worse. The forecast for May represents the third consecutive month that WANTED has predicted job losses less severe than the previous month.
When it comes to specific industry groups, WANTED is predicting that the transportation and warehousing industry will lose 33,100 jobs and the healthcare industry will gain 26,200 jobs.
The report further predicts the finance and insurance industry will lose 32,000 jobs. Within the finance and insurance industry, estimates predict credit intermediation and related services lost 14,000 jobs; securities and commodities lost 5,400 jobs and insurance carriers lost 5,800 jobs.
The Bureau of Labor Statistics is set to release its Employment Situation report for May on Friday morning.
WANTED Technologies collects data from online job boards and is able to produce a forecast earlier than other estimates. The report is available two weeks before Bureau of Labor Statistics figures and over the past 24 months has been more accurate than “Consensus Estimates.”
WANTED Technologies also supplies the data it collects to The Conference Board, which uses it to produce a monthly Help-Wanted OnLine Data Series.
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June 3rd, 2009 at 10:45 pm
More than half a million jobs are lost and you draw the conclusion that conditions are not getting worse? Sorry, I don’t follow this logic.