JOB MARKET NUMBERS ON THE MOVE, FINANCIAL ACTIVITIES ALONG FOR THE RIDE
The most recent jobs report released by the Bureau of Labor Statistics revealed that March employment rose by 192,000 jobs. Private sector jobs added last month have surpassed the numbers in December 2007, the highest numbers before the recession. All jobs lost in the 2008 financial crisis have been recovered, making this a milestone for the economy. However, despite this pleasing number, the national unemployment rate remains at a stagnant 6.7 percent.
Over the past year, unemployment numbers declined by 1.2 million and the unemployment rate fell .8 percentage points. On average, 183,000 jobs were created each month, and March’s figures exceeded that number by 9,000.
PROFESSIONAL & BUSINESS SERVICES AND TEMPORARY EMPLOYMENT
The sun is shining and weather is no longer a burden on the job market. Numbers are picking up speed and the Professional and Business Services sector is growing. The sector added 57,000 jobs in March, which is in line with its monthly average of 56,000 jobs created. While hiring in the financial activities sector remained nearly the same from February to March with only 100 jobs added, the sector has proven to be on a solid, strong path.
Temporary Help Services experienced the largest growth in March with the addition of 28,500 jobs. Since March 2013, temporary employment levels have grown 9.6 percent, the largest year-over-year increase in temporary hiring since July 2012.
TURNING POINT FOR WORKERS AND WAGES?
For the past few years, employers have had an influx of resumes, giving little incentive to raise their wages to retain their current employees. Could this be the turning point for wages in America? Wages fell by 1 cent in March, but according to the BLS, they’re still up 49 cents from last year.
The drop in jobless claims, along with higher hiring numbers from the March report, prove that the economy had a strong first quarter finish. It’s predicted that we will see faster growth for the second quarter, which will eventually lead to a solid year of growth for the US job market and economy.
Sign up to receive future Jobs Reports
You’ll get instant updates and analysis on the latest workforce and hiring trends impacting the accounting and finance industry.