The Latest From the BLS Employment Report: 160, 000 Jobs Added in April
Economists predicted another month of 200k+ job additions ahead of this morning’s jobs report but the latest data told a different story. The Bureau of Labor Statistics announced 160,000 jobs were added in April and while this was below expectations, we still boast 65 straight months of positive job growth. Employment growth has averaged 232,000 per month.
Economists, and of course the Federal Reserve, were also keeping a close eye on this month’s wage growth. Wage growth has been one of the last and slowest pieces to labor-market recovery and a rise in wages would give the Fed more confidence in their 2% inflation target. It also suggests that consumer spending will continue to drive economic growth.
Let’s break down the national numbers from this month’s report:
- $25.53 April
- $25.43 March
- + 8 cents month-over-month
- +2.5% year-over-year
- 5.0% April
- 5.0% March
- +0% month-over-month
- -0.4% year-over-year
In April, hourly wages rose $0.8 to$25.53 per hour, bringing the year-over-year wage percentage increase to 2.5%. The unemployment rate now sits at 5.0%.
In-Depth Look: Accounting and Finance
Let’s take a look at how the Accounting and Finance industry is performing. Overall, most industry subsectors saw job additions month-over-month. Here are some of the highlights:
- Financial activities:
- Month-over-month change: +20,000
- Year-over-year change: +160,000
- Finance and Insurance:
- Month-over-month change: +14,400
- Year-over-year change: +118,800
- Accounting and bookkeeping services:
- Month-over-month change: +900 jobs
- Year-over-year change: +41,900
The unemployment rate for the industry now sits at 2.7%, down 0.3 from last month and still well below the national average. While the drop in the unemployment rate is great news for accounting and finance job seekers, for employers it means hiring top talent is going to be tougher than ever. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. Request a free copy of our 2016 Salary Guide – a comprehensive resource for salaries across the industry – to get the latest salary insights that will help you hire the industries top professionals.