Spring forward: 192,000 Jobs Added in March
The most recent jobs report released by the Bureau of Labor Statistics revealed that March employment rose by 192,000 jobs. Private sector jobs added last month have surpassed the numbers in December 2007, the highest numbers since before the recession. All jobs lost in the 2008 financial crisis have been recovered, making this a milestone for the economy. However, despite a gain in jobs added, the national unemployment rate remains at a stagnant 6.7 percent.
Unemployment numbers have declined by 1.2 million from 2013 to 2014. The unemployment rate fell .8 percentage points. On average, 183,000 jobs were created each month, and March’s figures exceeded that number by 9,000.
700 jobs added in legal services
The sun is shining and weather is no longer a burden on the job market. Numbers are picking up speed and the Professional and Business Services sector is growing. The sector added 57,000 jobs in March, which is in line with
its monthly average of 56,000 jobs created. Although legal services added no jobs in the Month of February 2014, 700 jobs have been added in March 2014.
Temporary Help Services experienced the largest growth in March with the addition of 28,500 jobs. Since March 2013, temporary employment levels
have grown 9.6 percent, the largest year-over-year increase in temporary hiring since July 2012.
Higher hiring numbers could lead to higher wages
Due to an influx of resumes over the past few years, employers have had little incentive to raise their wages. The lack of available jobs in the US has made
employee retention easy. But with hiring numbers picking up speed, could this be the turning point for wages in America? Wages fell by 1 cent in March,
but according to the BLS, they’re still up 49 cents from last year.
All in all, March shows a steadily growing job market. These numbers prove a strong finish to the first quarter. It’s predicted that we will see faster
growth for the second quarter, which will eventually lead to a solid year of growth for the US job market and economy.
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