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215,000 Jobs Added to the Economy in March

The Latest From the BLS Employment Report: 215, 000 Jobs Added in March

March’s job report numbers typically come in close to 45,000 lower than economists’ predictions, but this morning’s report was a bit of a surprise. Just over 200k jobs were expected to be added in the last month, but the Bureau of Labor Statistics reported 215,000 jobs were added. This could calm jittery investors and help reassure the Federal Reserve, which is currently weighing further interest rate hikes.

In February, the Fed had their eye on jobs additions, wages and the unemployment rate to aid in their decision to raise interest rates. This month’s report is much the same with these same numbers weighing heavily with the Fed and impacting their decision. Let’s take a look:

  • Wages:
    • $25.43 March
    • $23.35 February
      • + 7 cents month-over-month
      • +2.3% year-over-year
  • Unemployment:
    • 5.0% March
    • 4.9% February
      • +0.1% month-over-month
      • -0.5 year-over-year

In March, hourly wages rose $0.7 to $25.43 per hour, bringing the year-over-year wage percentage increase to 2.3%. The unemployment rate now sits at 5.0%. While this is up slightly (+0.1%) from last month, the rate has remained constant much like rates in 2008. So what does this mean for the Accounting and Finance industry? Check out the latest:

In-Depth Look: Accounting and Finance

Let’s take a look at how the Accounting and Finance industry is performing. The unemployment rate for the industry now sits at 3.0%, down 0.6 from last month and still well below the national average. Overall, most industry subsectors saw job additions month-over-month. Here are some of the highlights:

  • Financial activities:
    • Month-over-month change: +15,000
    •  Year-over-year change: +145,000
  • Finance and Insurance:
    • Month-over-month change: +15,100
    • Year-over-year change: +112,700
  • Accounting and bookkeeping services:
    • Month-over-month change: +500 jobs
    • Year-over-year change: +40,400

For companies hoping to hire finance and accounting professionals, the market remains extremely competitive. You’ll want to establish yourself as a premier employer to beat out your competitors and hire the right professionals. Making sure to offer the right salary and benefits is the first step in establishing yourself in the marketplace. 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.

Author

Accounting Principals

We're Accounting Principals--a leader in finance and accounting staffing. In fact, since 2010, we've been part of Adecco Group, a Global 500 company and leader in staffing services around the world. But this isn't staffing as usual. We take quite a different approach than most staffing agencies. A people-focused approach. We believe in forming real relationships with both our clients and our candidates. We want to understand the needs on both sides.

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