The Street - 10 Big Companies That Are Adding Jobs

by Theresa McCabe Saturday, June 5, 2010

After two years of layoffs, the U.S. job market is recovering -- albeit more slowly than economists had hoped. A solid first quarter gave companies across the country the confidence to start hiring again, prompting many to add jobs and fill open positions.

U.S. employment rose by 431,000 last month, but that figure was primarily driven by the hiring of temporary Census Bureau workers, the government said today. The unemployment rate fell to 9.7 percent from 9.9 percent. Yesterday, Automatic Data Processing (NASDAQ: ADP - News) said payrolls at American companies increased for a fourth straight month, adding 55,000 jobs in May.

Recruiting firm Challenger, Gray & Christmas said in a report 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.

"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.

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.

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