BOSTON (TheStreet) -- After two years of layoffs, the U.S. job market is bouncing back. A strong first quarter gave companies across the country the confidence to start hiring again, prompting many to add jobs and fill open positions.
Recruiting firm Challenger, Gray & Christmas said in a report today that companies announced plans to cut 38,810 jobs in May, up 1.3% from April and down 65% from a year earlier. During the first five months of the year, announced layoffs totaled 258,319, declining 69% from the same period last year. However, companies announced plans to add 14,922 in May.
Wall Street prepares for two key jobs reports this week. Automatic Data Processing (ADP) will issue its National Employment Report for May on Thursday and the Labor Department will release nonfarm payrolls data on Friday. The government's report is expected to show that the U.S. economy added 513,000 jobs in May, according to economists polled by Bloomberg. The unemployment rate is expected to decline to 9.8% from 9.9%.
"The recovery process is slow, so it could be several months or even years before unemployment returns to pre-recession levels," John Challenger, chief executive of Challenger, Gray & Christmas said in an interview last month.
(ADP) During the economic downturn, many Americans abandoned their job searches out of frustration and are no longer counted among the unemployed. Now that job opportunities are expected to open up more people will re-enter the labor pool, keeping the unemployment rate high for now.
(ADP) Here are 10 companies that have announced plans to hire.
(ADP) Google (GOOG) (Stock Quote: GOOG), which Fortune said was "the best company to work for," hired more than 800 people during the first quarter, bringing the company's headcount to 20,621, up from 19,835 in December. During the first quarter, the company boosted revenue 23%.
And the search giant doesn't plan to stop. Google has announced plans to bring on 2,000 employees this year.