At the same time, in markets where the labor market has improved, business is picking up.
"Although national job growth numbers have been uneven and a bit disappointing over the past few months, we are seeing much improved employment trends in many of our markets," Allan Merrill, president and chief executive officer of Beazer Homes USA Inc. in Atlanta, said in a May 2 earnings call.
"We are seeing many currently employed consumers who appeared to be gaining confidence and are voluntary changing jobs to improve their employment circumstances," he said. "This isn't necessarily picked up in the job growth statistics, but we believe it is a positive turn."
Federal Reserve
Federal Reserve policy makers said last month that there was still an "elevated" rate of joblessness in the U.S.
"Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated," the Federal Open Market Committee said in an April 25 statement. "The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually. Consequently, the committee anticipates that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate."