Our forecast for May nonfarm payrolls is 170,000, including 160,000 for the private sector alone. New college graduates are finding the best prospects in a decade, a trend we expect to see highlighted in the full-time professional jobs category. The leisure and hospitality sector is expected to post robust gains as consumers split spending between discretionary purchases and home remodeling. Demand is growing for cash-out refinancing of mortgages and home equity lines of credit; access to credit is also expanding.
We expect to see more construction jobs created. The primary hurdle for contractors is a shortage of skilled workers; builders complain that they can’t find new workers who can read a measuring tape, let alone skilled carpenters, electricians and plumbers.