The Latest Numbers From the BLS Employment Situation Report
An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) September 2016 monthly jobs report.
The US economy added 156,000 jobs in September, and the unemployment rate unexpectedly edged higher, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate, which has held at 4.9 percent since the spring, inched up to 5 percent as the labor participation rate inched up.
The unexpected slowing of growth for US employment – for the third straight month – could make the Federal Reserve more cautious about raising interest rates.
This month’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 60% chance of a lift in the rate in December. Friday’s employment report will be the last before the Fed’s Nov. 1-2 policy meeting but some say a decision might be delayed until after the November 8th presidential election.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 156,000 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 September, hourly wages rose $0.06 to $25.79 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate was little changed month-over-month and sits raised slightly at 5%.
- $25.79 September
- $25.73 August
- + 6 cents month-over-month
- +2.6% year-over-year
- 5.0% September
- -0.1% month-over-month
- -0.1% year-over-year
- 4.9% August
- 5.0% September
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: +6,000
- Year-over-year change: +166,000
- Finance and Insurance:
- Month-over-month change: +1,900
- Year-over-year change: +114,400
- Accounting and bookkeeping services:
- Month-over-month change: +6,100
- Year-over-year change: +39,400
- Professional and business services
- Month-over-month change: +67,000
- +582,000 jobs added since September of last year
- Legal Services
- Month-over-month change: +400
- Year-over-year change: +2,800
The unemployment rate for financial services increased slightly and now sits at 3.0% (+0.2% month-over-month). Although this is an increase, it is still far lower than the national average.
While the low unemployment rate is 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.