Jobs report summary for the legal industry. Based on the BLS report with May 2014 data.
The Bureau of Labor Statistics revealed that May employment rose by 217,000 jobs. Although May’s jobs are 60,000 less than April, the US jobs market has now fully recovered from the 2008 crash. While the full recovery is a positive gain, the unemployment rate sits at 6.3%, the same percentage as April.
While the recovery seems like a huge workforce milestone, the labor force participation rate, however, remained at 62.8%; its lowest point in decades. The decrease in participation rate can be directly correlated as to why the unemployment rate fell in April. Can we expect the unemployment rate to decrease with positive intentions with a now fully recovered job market?
Professional and Business Sector Declines, Legal Services Jobs Stagnant
With 55,000 jobs added in May, the Professional and Business Sector have one of the largest growths for private sector jobs in the last two months. Although a decrease of 20,000 jobs from April’s reported numbers, over the last two months, it as added close to 130,000 jobs. Legal Services only declined by 700 jobs for the month, remaining fairly stagnant.
Temporary Help Services also declined in May, adding a little over 14,000 jobs. The decline may be a positive indicator that current temporary positions are in transition to full time employees.
Wages Increase While Hiring Decrease for May
According the to the BLS, wages increased by 6 cents in May from April. This comes as a bit of surprise with a decrease of newly added May jobs- compared to April’s impressive numbers. With higher predicted growth now that the US workforce has fully recovered from 2008, America should see a growth not only within wages, but with economic growth as well.
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