Flemington, NJ -- (SBWIRE) -- 06/19/2013 -- In the new U.S. employment reports added to the Prestige Wealth Management Group website, the month of May saw 175,000 jobs added to the U.S. economy. Prestige Wealth Management Group is a leading wealth management firm that provides investment management in NJ. Along with being financial advisors, PWMG provides the latest financial reports, keeping clients informed on current events in the financial services industry. The Labor Department released recent reports stating that even though the U.S. economy gained 175,000 jobs, employment gains added in March and April were revised downwards. Even though the unemployment rate rose slightly, there is still very little progression.
Since the May jobs report indicates that overall, the economy is heading in the right direction, with investors being driven to increase their bonds yields and reduce equity exposure. It is the investors’ belief that the Federal Reserve may scale back its stimulus. According to the Washington Post, the May report suggests that the economy is expanding at a reasonable pace, but the Fed may be tempted to prematurely wind down its Quantitative Easing policies.
According to the May 2013 report, the major worker groups, including adult women, Caucasians, adult males, Hispanics, African Americans, and teenagers, showed little or no sign of unemployment rate decrease. In the month of May alone, the civilian labor force rose by 420,000 to 155.7 million. Even though the civilian labor force rose, the labor participation rate was little changed, holding steady at 63.4 percent.
Other statistics included professional and business services added 57,000 jobs in May. This particular industry has grown by 589,000 jobs, with a noticeable increase in temporary help services. Further information on the reports can be viewed at http://www.prestigewmg.com/may-sees-175000-jobs-added-to-u-s-economy/. According to leading economists, total job creation needs to be between 250,000 and 300,000 to significantly lower the unemployment rate and lift the economy.
About Prestige Wealth Management Group
Prestige Wealth Management Group is a top wealth management firm with offices in Flemington, NJ and Millburn, NJ, that is dedicated to assisting their clients with every aspect of their financial lives. The company is comprised of experienced professionals, including Certified Public Accountants (CPA), CERTIFIED FINANCIAL PLANNERS™, (CFP®), Chartered Financial Analysts (CFA®), Chartered Financial Consultants (ChFC®) and Enrolled Agents (EA) who focus on making their clients’ dreams a reality. Keeping clients focused on their financial goals, Prestige Wealth Management Group advises them through each step of the process. Taking responsibility for their clients’ success, the company provides investment management advice and proactive communication. On the website, visitors will find brochures, newsletters and webcasts to help keep them informed.
To visit the new and improved website, visit www.prestigewmg.com.