May social security and unemployment filings show that the job market has improved significantly. For the first time since the crisis began, the number of jobs increased across all sectors for a total of 198,320 new positions. The changes also reflect that non-seasonal jobs rose by 49,128, which is a major positive swing if you consider that 12,391 job were cut in May of 2013. Job creation is ramping up as we move into a new and more optimistic phase.
Still, many of the new jobs are seasonal, so we should continue to watch the situation through the end of summer. Many people will lose work as the season closes, and although the layoffs will be softer than in years past, the labor market must keep adjusting in order to fight long-term and young-worker unemployment.