“Employers are pressured to get products out the door,” Barry said. “Basically, right now we’re at full employment. It’s great for job-seekers.”
Companies are looking for any edge in the competition for the right workers, he said. They are trying attendance bonuses, signing bonuses and there is upward pressure on wages, he said.
Manufacturing remains a hot sector locally, as does warehouse and distribution work. Even retail, Barry added.
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“The weather has been good and folks are out there spending money,” he said.
The manufacturing sector grew by 18,000 jobs in May, but nearly 185,000 factory jobs have been created since October, the Alliance for American Manufacturing said.
However, PNC Chief Economist Gus Faucher threw up a cautionary red flag, saying that the “excellent jobs report, including the solid gain in wages,” very likely means the Federal Open Market Committee will raise the federal interest rate when that committee meets in less than two weeks.
The committee “wants to take some of the pressure off of the labor market to avoid overheating in the economy that would push inflation too far above the Fed’s 2 percent inflation goal,” Faucher said.
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Nationally, job gains were spread across industries, indicating that most sectors of the economy are growing, he said.
And Faucher agreed that competition for workers is leading businesses to raise pay, good news for consumer spending.
This year, the U.S. economy has added on average 207,000 jobs a month, better than last year’s pace of 182,000.