The U.S. economy rebounded in April. It added 288,000 jobs, the highest one-month net change since January 2012, and saw unemployment decline 40 basis points to 6.3 percent, the lowest rate during the recovery so far. The labor force is expected to reach its previous peak in May, as only 113,000 jobs are needed to do so. At the subsector level, growth was diverse, with all but two components (information, and transportation and warehousing) recording monthly expansion. See details on the data, including demographic, geographic and industry breakdowns, in this report featuring research from the Bureau of Labor Statistics and JLL.

1. U.S. employment situation: September 2013
Release date: October 22, 2013
More bright spots emerge on the
heels of largest growth in two years
U.S. employment situation: April 2014 May 2, 2014

2. What were March’s bright spots and challenges?
Source: JLL Research, Bureau of Labor Statistics
2
• Total non-farm employment
increased by 288,000 jobs, the
highest one-month net change since
January 2012.
• Unemployment fell by 40 basis
points to 6.3 percent, the lowest rate
during the recovery so far.
• Revisions to previous months, along
with strong employment growth in
April, means that the U.S. economy
is only 113,000 jobs away from
previous peak employment, which
will likely occur in May.
• Gains were highly diverse in April,
with PBS, the leader this month, only
responsible for 26.0 percent of jobs
added. Only transportation and
warehousing and information posted
contractions over the month.
• Unemployment for high school and
college graduates remained stable at
6.3 and 3.3 percent, respectively.
• Tech still leading; energy, mining and
utilities growth is stabilizing at around
2.1 percent.
• Initial unemployment claims remain
below 350,000.
• Consumer confidence remained in
the low 80 point rage, in line with
drops in unemployment and
continued diversification of the
recovery.
• Online help wanted ads increased
slightly in April as the economy
continued to slowly improve.
• Job growth is still strongest in
Sunbelt but moving to other
geographies.
• Midwestern and East Coast
geographies continue to grapple
with below-average employment
growth, some still contracting.
• Despite falling to 12.3 percent, total
unemployment remains elevated.
• Weaker growth in financial activities
and information is pulling down
office-using job growth. While other
subsectors saw higher gains, office-
using growth was moderate.
• Goods-producing employment is on
the up, but is unstable.
• The labor force participation rate for
high school graduates declined
once again and currently rests at
58.0 percent.
• Another 24,000 temporary jobs
were added to the economy.
Overview Bright spots Challenges
OVERVIEW

3. Employment growth rebounded in April with 288,000
new jobs, the highest growth since January 2012
220,000
121,000
120,000
360,000
226,000
243,000
96,000
110,000
88,000
106,000
122,000
221,000
183,000
164,000
196,000
360,000
226,000
243,000
96,000
110,000
88,000
160,000
150,000
161,000
225,000
203,000
214,000
197,000
280,000
141,000
203,000
199,000
201,000
149,000
202,000
164,000
237,000
274,000
84,000
144,000
222,000
203,000
288,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Oct-10
Dec-11
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
1-monthnetchange
Source: JLL Research, Bureau of Labor Statistics
3
OVERVIEW

4. Along with revisions, three-month gains total 713,000
as unemployment drops to 6.3 percent
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-1,000.0
-800.0
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Unemploymentrate(%)
1-monthnetchange(thousands)
Monthly employment change Unemployment rate
Source: JLL Research, Bureau of Labor Statistics
4
OVERVIEW

5. 90.0%
92.0%
94.0%
96.0%
98.0%
100.0%
102.0%
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78
1973 1981 1990 2001 2007
78 months into the cycle, total employment is now less
than 0.1 percent below prior peak levels
Recoveredjobs(%)
Past recessions (40 years)
Source: JLL Research, Bureau of Labor Statistics
Pre-recession employment level
5
OVERVIEW

6. Jobs lost during recession…
Jobs gained during recovery…
98.7 percent of jobs have been recovered from the
recession; now 113,000 jobs below pre-recession peak
Source: JLL Research, Bureau of Labor Statistics
6
OVERVIEW

7. Office-using jobs lost
during recession…
Office-using jobs gained
during recovery…
All office-using jobs have been recovered, but there is now
an emphasis on management, tech and design
Source: JLL Research, Bureau of Labor Statistics
7
OVERVIEW

8. -3.0
-2.7
1.0
5.7
6.0
9.0
11.0
12.0
15.0
15.0
15.7
24.0
27.9
28.0
32.0
34.5
40.0
75.0
-40 -20 0 20 40 60 80 100
Information
Transportation and warehousing
Nondurable goods
Motor vehicles and parts
Financial activities
Mining and logging
Durable goods
Manufacturing
Government
Other services
Wholesale trade
Temporary help services
Health care and social assistance
Leisure and hospitality
Construction
Retail trade
Education and health services
Professional and business services
1-month net change (thousands)
PBS, leading in April, captured only one-quarter of new
jobs, demonstrated sustained diversity in gains
Source: JLL Research, Bureau of Labor Statistics
8
OVERVIEW
PBS
Education and health
Retail trade
All other subsectors
Top three
subsectors
responsible for
51.9 percent of
monthly
growth.

9. -32.0
-6.0
8.0
49.0
53.0
54.0
63.4
91.0
99.0
105.0
125.9
189.0
242.9
275.7
326.9
327.0
412.0
666.0
-100 0 100 200 300 400 500 600 700 800
Information
Government
Nondurable goods
Mining and logging
Financial activities
Other services
Motor vehicles and parts
Durable goods
Manufacturing
Transportation and warehousing
Wholesale trade
Construction
Temporary help services
Health care and social assistance
Retail trade
Education and health services
Leisure and hospitality
Professional and business services
12-month net change (thousands)
PBS
Leisure and hospitality
Education and health
Retail trade
Manufacturing
Financial activities
All other jobs
Year-on-year, however, core subsectors were the drivers
of activity, accounting for four in five new jobs
Source: JLL Research, Bureau of Labor Statistics
9
Core subsectors added 80.0 percent
of all jobs over the past 12 months.
OVERVIEW

10. -1,000
-800
-600
-400
-200
0
200
400
2008 2009 2010 2011 2012 2013 2014
Change in '000s jobs
Both private and public sector hiring is on the up,
although the latter is still seeing net 2-year contractions
Private sector hiring up 4.6
million since April 2012
Public sector shed 62,000 workers
since April 2012
Source: JLL Research, Bureau of Labor Statistics
10
BRIGHT SPOT

11. 0
2
4
6
8
10
12
Unemployment(%)
Bachelor's degree and higher High school graduates, no college
Despite drops across the board, high school and college
graduate unemployment largely remains stable
3.3%
6.3%
Source: JLL Research, Bureau of Labor Statistics
11
BRIGHT SPOT

12. Tech still leading as energy, mining and utilities stabilizes
at 2.1 percent
-11.0
-9.0
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
2008 2009 2010 2011 2012 2013 2014
High-tech Energy, Mining, and Utilities Office-using industries Total non-farm
Source: JLL Research, Moody’s. Note: Due to data lags, high-tech employment only available through March 2014.
12
12-month%change(jobs)
BRIGHT SPOT

13. Tech is up near recovery norms again after seeing
slowdown in recent months
Year-on-year percent employment growth
Source: JLL Research, Bureau of Labor Statistics
13
BRIGHT SPOT

14. Initial unemployment insurance claims stay below
350,000 for 17 consecutive months despite slight uptick
Source: JLL Research, U.S. Department of Labor
14
BRIGHT SPOT
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
650,000
700,000
Claims
Initial claims 4-week moving average

15. 0%
2%
4%
6%
8%
10%
12%
0
10
20
30
40
50
60
70
80
90
100
2008 2009 2010 2011 2012 2013 2014
Consumer confidence index
Unemployment rate
Consumer confidence stable in the low 80s as
unemployment drops
Source: JLL Research, Conference Board, Bureau of Labor Statistics
15
BRIGHT SPOT

16. 0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2008 2009 2010 2011 2012 2013 2014
Unemploymentrate
Onlinehelpwantedads
Online help wanted ads
Unemployment rate
Online help wanted ads up slightly in line with drops in
unemployment
Source: JLL Research, Conference Board
16
BRIGHT SPOT

17. Bay Area, Texas and the Sunbelt continue to see
fastest employment growth; spreading geographically
Source: JLL Research, Bureau of Labor Statistics
17
BRIGHT SPOT
Silicon Valley
4.3%
Houston
2.9%
Dallas
3.0%
Austin
3.9%
Raleigh-
Durham
3.7%
South
Florida
3.1%

18. Midwestern and East Coast markets still lag the rest
of the country in growth
Source: JLL Research, Bureau of Labor Statistics
18
CHALLENGE
Westchester
County
0.4%
Cleveland
0.6%
Detroit
-0.2%
Philadelphia
0.1%
Pittsburgh
-0.5%
Milwaukee
0.3%

19. Total unemployment fell to 12.3 percent, but has yet to
reach the 10-year average
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total unemployment U-6 10-year average
Source: JLL Research, Bureau of Labor Statistics
19
CHALLENGE

20. Weak financial activities and information employment
is dragging down office-using employment growth…
Source: JLL Research, Bureau of Labor Statistics
20
CHALLENGE

21. …which did not see the same monthly gains as other
subsectors did
-300
-250
-200
-150
-100
-50
0
50
100
150
2009 2010 2011 2012 2013 2014
Information Professional and business services Financial activities
PBS represented 75.0 percent of office jobs lost in February 2010.
In April 2014, it represented all 26.0 percent of new office jobs.
Source: JLL Research, Bureau of Labor Statistics
21
CHALLENGE

22. Goods-producing employment on the up, but still
suppressed due to neutral non-durable goods growth
-1,000.0
-800.0
-600.0
-400.0
-200.0
0.0
200.0
400.0
600.0
2008 2009 2010 2011 2012 2013 2014
1-monthnetchange(thousands)
Goods-producing Service-providing
Source: JLL Research, Bureau of Labor Statistics
22
CHALLENGE

23. 73
74
75
76
77
78
79
Jan-
07
Jan-
08
Jan-
09
Jan-
10
Jan-
11
Jan-
12
Jan-
13
Jan-
14
58
59
60
61
62
63
College graduates
High school grads no college
Labor force participation for high school graduates
drops to just 58.0 percent
Collegegraduateparticipation(%)
Highschoolgraduateparticipation(%)
Source: JLL Research, Bureau of Labor Statistics
23
CHALLENGE

24. Temporary help services still a fast grower, up 24,000 in
April to 2.9 million temporary jobs
1,000.0
1,200.0
1,400.0
1,600.0
1,800.0
2,000.0
2,200.0
2,400.0
2,600.0
2,800.0
3,000.0
-100.0
-80.0
-60.0
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
2009 2010 2011 2012 2013 2014
Monthlynetchangeinjobs(ths)
Temporary employment monthly net change Temporary employment
Temporaryemployment(ths)
Source: JLL Research, Bureau of Labor Statistics
24
CHALLENGE

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