Jobs report summary for the Finance and Accounting industry. Based on the BLS report with April 2014 data.
In the Bureau of Labor Statistics monthly job report, April produced 288,000 jobs, a significant increase to what economic analysts predicted. The increase in private sector jobs signifies that the winter weather has ceased in terms of stagnant hiring.
While April’s reported job numbers are roughly 70,000 more than projected, the decline in unemployment rate from 6.7% to 6.3% needs to be taken with a grain of salt. The labor participation rate dropped to 62.8%, down from 63.2% in March. The decrease in participation reflects the drop in the unemployment rate, not from Americans leaving the job force, but re-entrants and new entrants into the workforce that cease to happen.
While the reported April numbers are better than anticipated, the labor participation rate endorses that job growth while improving, will continue to be slow and steady rather than excessive jumps from recovery.
Professional and Business Services Market Growing Month Over Month
With 75,000 jobs in April, the Professional and Business Services industry was one of the largest sectors for growth. Up almost 18,000 jobs from March, there have been over 660,000 jobs in the last 12 months.
The Financial activities sector added 6,000 jobs in April. While this isn’t nearly what the Professional and Business Services industry provided, it may be an indicator of a steady market growth within the economy. While the near future looks promising for jobs, it will be a slow and steady pace rather than significant monthly gains to fully recovering.
The solid growth within the industry is promising, but with a large amount of Americans still unemployed from the financial crisis, a full recovery is still a work in progress.
Financial Activities Wages
Wages decreased by 9 cents from March to April within the Financial Activities sector, but are still up 50 cents from April of last year. The slow and stead road to financial recovery will take more time than America would like, but with better than predicted numbers for April, this can be an indicator of future workforce growth.
With the dross of this winter season ending, the next few months look to report monthly jobs over the 200,000 mark. While these predictions look promising for growth, the real factor for growth lies within the labor participation and unemployment rates. When these numbers are decreasing for the right reasons, we can expect optimal recovery from the financial crisis.
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