The Latest Numbers From the BLS Employment Situation Report
An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) August 2016 monthly jobs report.
A slowing down from the gains of the last couple of months was expected ahead of this month’s jobs report, but a promising 151,000 were added in August nonetheless.
Job creation has been volatile in recent months, with 275,000 jobs added in July (revised up from 255,000) and 271,000 positions created in June (revised from 292,000), and only 24,000 were added in May. But, this month’s report shows promising growth that helps reinforce the upward trend of the last few years.
Today’s employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 55.4% chance of a lift in the rate at the Federal Open Market Committee meeting Sept. 20-21.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 151,000 jobs were added this month which is nearly in line with the six months growth pattern.
This month’s report
Let’s break down the numbers from this month’s report:
In August, hourly wages rose $0.3 to $25.73 per hour, bringing the year-over-year wage percentage increase to 2.4%. The unemployment rate remained unchanged month-over-month and still sits at 4.9%.
- $25.73 August
- $25.69 July
- + 3 cents month-over-month
- +2.4% year-over-year
- 4.9% August
- 4.9% July
- +0% month-over-month
- -0.2% year-over-year
What does this mean for the accounting and finance and legal industries? Our in-depth analysis is below:
In-Depth Look: Accounting and Finance Jobs
Let’s take a look at how the Accounting and Finance industry is performing. Overall, 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: +167,000
- Finance and Insurance:
- Month-over-month change: +14,400
- Year-over-year change: +117,800
- Accounting and bookkeeping services:
- Month-over-month change: +700
- Year-over-year change: +35,400
- Professional and business services
- Month-over-month change: +20,100
- Year-over-year change:+542,000
- Legal Services
- Month-over-month change: +0
- Year-over-year change: +6,400
Right now the unemployment rate for financial services sits at 2.8% up slightly from last month and the legal services industry is at 2.6%, down 0.1% from last month. Both rates are well below the national average and while that’s great news for legal and accounting and finance job seekers, for employers it means hiring top talent is going to be challenging. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. Request a free copy of our 2017 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.