The Latest Numbers From the BLS Employment Situation Report
This morning’s Jobs Report is providing a bit more clarity to the state of the U.S. economy amid record low oil prices, a tempestuous stock market and fears about a second recession. Economists predictions were shattered with 242,000 new jobs added in February, more than the 172,000 (revised from 151,000) jobs added in January. Another big indicator that is quashing those second recession fears is the unemployment rate. While it remained at 4.9% it is still at its lowest level in 8 years.
Arguably, the single most important indicator of economic stability is wage growth. This number is often the most important influencing factor for the timing of interest rate hikes by the Federal Reserve. However, in February, average hourly wages declined 2 cents and now rest at $23.35, bringing the year-over-year wage percentage increase to 2.2%.
In Your Industry
Let’s take a look at how the Accounting and Finance industry is stacking up in this month’s repo MOM change:
• Financial activities
o MOM change: +6,000
o YOY change: +142,000
• Finance and Insurance:
o MOM change: +8,300
o YOY change: +107,300
• Accounting and bookkeeping services
o MOM change: +100 jobs
o YOY change: +46,500
Right now the unemployment rate for the financial activities subsector sits at 3.6%. While this rate is an increase month-over-month, it does sit well below the national average.
This is great news for Accounting and Finance professionals who are currently on the market – there are more jobs available to you than to professionals in many other industries. Employers, this means stay on top of your game – showcase your company culture, tout any unique employee benefits, and be sure to offer a competitive salary.