Jobs report summary for the legal industry. Based on the BLS report with June 2014 data.
The Bureau of Labor Statistics revealed that June employment added 288,000 jobs; a substantial surprise from what economists were predicting. With the influx of newly added jobs, the unemployment rate decreased from 6.3 to 6.1%, the lowest it’s been since September 2008. The economy has now gained at least 200,000 jobs per month for the past five months.
While June’s reported numbers seem like a definitive win for the month, one statistic does have its cause for concern; the number of people working part time because they cannot find full-time jobs rose this month. This percentage reflected no change in the labor participation rate, which holds steady at 62.8%.
Professional and Business Sector Surges, Legal Services Jobs Stagnant
With 67,000 jobs added in June, the Professional and Business Sector continue to be one of the strongest growths for private sector jobs within the year. Over the last three months alone, the professional and business sector has added roughly 200,000 jobs! Legal Services added 1,200 jobs for the month, remaining fairly stagnant.
Temporary Help Services also declined in June, adding 10,000 jobs. The decline may be a positive indicator that current temporary positions are in transition to full time employees, but with the labor participation rate still holding at 62.8%, the possibility of temporary transitioning to full-time employment seems thin.
Wages Increase While Hiring Decreases
According to the BLS, wages increased by 3 cents in June for the Professional and Business Sector. Over the past 12 months, overall workforce wages have only increased by 2%. While it seems that the growing workforce and full recovery from 2008 should provide higher wages, the economy and sluggish spending have deterred this from growing rapidly.
With month over month growth in the past five months, economists predict the second half of 2014 to aggressively pick up within the American workforce and within the economy.
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