242,000 Jobs Added to the Economy in February

242,000 Jobs Added to the Economy in February

We’re taking a deep-dive into this morning’s Jobs Report from the Bureau of Labor Statistics. Amid fears of a second recession and a tumultuous stock market, the latest numbers from the Bureau of Labor Statistics could go a long way in proving the U.S. economy remains on solid footing. Right now, job additions, wages and unemployment rate are three biggest factor the Federal Reserve is looking at ahead of their March meeting where a decision on the looming interest rate hike could be made.

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February saw the addition of 242,000 jobs which is significantly higher than the 172,000 (revised from 151,000) jobs added in January. Wages declined month-over-month and now sit at $23.35, down 3 cents from January but a 2.2% increase year-over-year. Lastly, the unemployment rate still sits at 4.9% which remains the lowest level since 2008.

 

In Your Industry

So, what are we seeing, specifically, in the legal industry? Take a look:
• Legal Services
o MOM change: -1,500
o January: -1,100
o December: +1,200
o November: +600

• Professional and business services
o MOM change: +23,000
o Average growth of +52,000 per month

Right now the professional and technical services industry, which is the subsector that includes Legal Services has an unemployment rate of 2.7.%, well below the national average.

This month’s report is going a long way to ease fears of a second recession and improve economic outlook. We continue to see a job seeker market, where top talent is able to decide exactly which companies they want to work for. Now, more than ever, you need to ensure your company is staying ahead of your competitors and offering the right salary and benefits can make all the difference. Our 2016 Salary Guide is the premier resource for insights on what to pay top legal professionals in your city. Request your free copy today.

About the Author

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Special Counsel

Special Counsel is the largest full-service provider of legal staffing solutions and recruiting services in the United States. Apply online today!

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