Jobs Report Summary For The Finance and Accounting Industry. Based on the BLS report with July 2014 data.
The Bureau of Labor Statistics recently released that for the month of July, the U.S. workforce added 209,000 jobs. With economist’s prediction of at least 230,000 jobs to be added in July, the reported data still reflects a positive growth, just at a slower pace.
The unemployment rate increased from a 6.1% to a 6.2%, which is a bit discouraging from the significant drop of .2% that occurred in June. Over the past six months, the economy has added 1.5 million jobs, marking the strongest six months for hiring since 2006. On another positive note, the labor force participation grew slightly, from 62.8% to 62.9%, thus indicating more working people are either working or looking for a job. The June payroll number was revised from 288,000 to 298,000 and the May numbers were revised from 224,000 to 229,000.
PROFESSIONAL & BUSINESS SERVICES AND TEMPORARY EMPLOYMENT
The professional and business services industry consistently continues to be one of the top producing sectors, adding 47,000 jobs in July. Within the 47,000 newly added jobs, the financial activities sector added 7,000 jobs, a decrease of 10,000 jobs from June. While this is a decrease in added financial sector jobs from June, over the past two months, 24,000 financial jobs have been added. With the current state of the market, financial jobs can hopefully continue to be added with the predicted rise in the economy in the second half of 2014.
The BLS also reported that the Temporary Help Services added roughly 8,500 jobs in July. With the labor participation rate growth of .1%, the Temporary Help Services could show some significant growth in the upcoming months. While workers are finally returning to the workforce, they may be accepting part-time or temporary work until full time positions present themselves.
PROFESSIONAL AND BUSINESS SECTOR WAGES
For the month of July, wages for the professional and business sector increased $0.04 cents from June. From July 2013 to July 2014, wages for the professional and business sector grew a total of $0.70. As the labor market begins to tighten up, economists predict to see wages increase in the following months. While the current July data doesn’t necessarily reflect an increase, economist’s projected growth in wages are just what the workforce needs for making significant workforce and economic gains.
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