Jobs report summary for the legal industry. Based on the BLS report with August 2014 data.
The Bureau of Labor Statistics revealed that August employment added 142,000 jobs, a discouraging decline from the 225,000 jobs that economists were predicting.
The labor force participation rate fell slightly to 62.8% from 62.9% in July, as well as the unemployment rate from a 6.2% to a 6.1%. What makes the reported numbers surprising is the overall, wages grew 2.1% year-over-year, and 0.2% month-over-month, which does not indicate a slowdown of the economy.
Most likely, the August reported numbers would be revised by the end of September to reflect a more positive trend of hiring. With teachers returning to school and retailers beginning to ramp up for the holidays, August will surely reflect better numbers when seasonally adjusted at the end of the current month.
Professional and Business Sector Consistent, Legal Services Finally Improve
With 47,000 jobs added in August, the Professional and Business Sector continue to be one of the strongest sectors for growth within the year. The sector has added over 639,000 jobs in 2014. Legal Services gained 3,300 jobs for the month, a significant gain from previous months. We can only hope to see an upward trend for the remainder of the year for the Legal Services sector.
Temporary Help Services also added 13, 000 jobs in August, which could see an increase in the upcoming months not only with businesses hiring for the holidays, but full time employees who are actively looking and willing to accept temporary positions during the transition.
Wages Improve, But For How Long?
With wages for the Professional and Business Sector increasing $0.04 from July, the overall year-to-year growth of 2.1% and overall month-to-month growth of 0.2% should reflect a consistent +200,000 average for monthly job growth. Although economists predict then reported numbers will substantially increase for next month, we can only hope this trend does not continue.
For more detailed information on job growth and unemployment within your region, contact your local Special Counsel office.
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