In addition to the good job numbers from May, the Institute for Supply Management, which surveys expected activity in the manufacturing and service sectors, reports that their employment indices rose for May, as well, indicating that even more robust hiring is on the way.
The manufacturing employment index was up to 61.9 from 57.8 in April, and the service employment index was up to 56.3, from 54.5 in April. This is the highest manufacturing emloyment index since April of 1973. Anything over 50 means growth in the job market, or net hiring. Incidentally, the both indices have been over 50 since late last year.
The overall Manufacting Index has been over 60 for 7 straight months, something that happens about once every 10 years. Cheer up, folks, the economy's normal.
