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News / Industry News
U.S. employers added a robust 280,000 jobs in May, showing that the economy is back on track after starting 2015 in a slump.
The Labor Department said Friday that the unemployment rate ticked up to 5.5 percent from 5.4 percent in April. But that occurred for a good reason: Hundreds of thousands more people sought jobs in May, and not all found them.
Last month’s strong job growth suggests that employers remained confident enough to keep hiring even after the economy shrank during the first three months of the year. The government also revised up its estimate of job growth in March and April by a combined net 32,000.
Total nonfarm payroll employment increased by 280,000 in May, and the unemployment rate was essentially unchanged at 5.5 percent. Job gains occurred in professional and business services, leisure and hospitality, and health care. Mining employment continued to decline.
US shippers that diverted Asian imports to east coast ports to avoid the heavily congested Pacific coast container terminals could do well to review their strategy following a return to normality on the west coast.
“April’s sharp increase in the LEI seems to have helped stabilize its slowing trend, suggesting the paltry economic growth in the first quarter may be temporary,” said Ataman Ozyildirim, Economist at The Conference Board. “However, the growth of the LEI does not support a significant strengthening in the economic outlook at this time. The improvement in building permits helped to drive the index up this month, but gains in other components, in particular the financial indicators, have been somewhat more muted.”
- 50 (red line below) represents the dividing line between expansion and contraction for the index of the below chart; which covers the Purchasing Managers Index (PMI) and new orders.
- The PMI reading registered 52.8% in May, which is an increase of 1.3% from April ’15.
- New Orders Index registered 55.8% in May, which is an increase of 2.3% from April ‘15.
U.S.-NAFTA freight totaled $96.1 billion in March 2015 as three out of five transportation modes – air, rail, and truck – carried more U.S.-NAFTA freight than in March 2014, according to the TransBorder Freight Data released today by the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS)
Labor peace has finally officially for West Coast ports. Following the Pacific Maritime Association (PMA) signing off on ratifying a new five-year contract with the International Longshore & Warehouse Union (ILWU) on May 20, the ILWU followed suite on May 22, saying that 82 percent of its longshore worker members voted to ratify the tentative contract agreement between the parties that was reached on February 22.
International Longshore and Warehouse Union (ILWU)
West Coast Longshore workers have overwhelmingly voted to ratify a tentative contract agreement reached in February with employers represented by the Pacific Maritime Association (PMA).Members of the International Longshore and Warehouse Union (ILWU) voted 82% in favor of approving the new 5-year agreement that will expire on July 1, 2019. The previous contract was ratified in 2008 with a vote of 75% in favor.
While the dust continues to settle at West Coast ports after a nine-month labor dispute that saw the two main parties involved–the Pacific Maritime Association (PMA) and the International Longshore & Warehouse Union–reach a tentative labor agreement on February 22, the PMA said yesterday that its members voted to ratify a new contract with the ILWU.