Job Growth--For Some

The job market is growing, if you look at just the raw number.

The economy resumed healthy growth during the spring after a winter lull, an employment report confirmed yesterday, with 132,000 jobs gained last month and a nearly 4 percent rise in wages seen over the past 12 months.

But, at least according to your point of view, there are actually two job markets:

Most of the new jobs were in services such as education, government, health care and restaurants, while manufacturing and retailing posted further large declines of 18,000 and 24,000 jobs apiece, the Labor Department report showed. Employment in construction ticked up by 12,000 despite the housing recession thanks to strong public and commercial building projects.

snip

"You've got good wage gains combined with good employment gains," said John Silvia, chief economist at Wachovia Corp, noting "that's good for the consumer." But he added that there are really two job markets — one for service professionals like doctors and accountants that is booming, and a weakening market in manufacturing and construction where jobs are disappearing.

But the unemployment ranks did not grow according to the Labor Department report.