The Latest From the BLS Employment Report: 151,000 Jobs Added in August
A slowing down from the gains of the last couple of months was expected ahead of this month’s jobs report, but a promising 151,000 were added nonetheless.
Job creation has been volatile in recent months, with 292,000 positions created in June, while only 24,000 were added in May. But, this month’s report shows promising growth that helps reinforce the upward trend of the last few years.
Today’s employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 55.4% chance of a lift in the rate at the Federal Open Market Committee meeting Sept. 20-21.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report fell slightly short of expectations. The number of jobs added this month, however, is in line with a six month growth pattern.
The change in employment for June was revised down from +292,000 to +271,000, and the change for July was revised up from +255,000 to +275,000. With these revisions, employment gains in June and July combined were 1,000 less than previously reported. Over the past 3 months, job gains have averaged 232,000 per month.
Let’s break down the national numbers from this month’s jobs report:
In August, hourly wages rose $0.3 to $25.73 per hour, bringing the year-over-year wage percentage increase by .1%. The unemployment rate remained the same month-over-month and continues at 4.9%.
- $25.73 August
- $25.69 July
- – 11 cents month-over-month
- +2.4 % year-over-year
- 4.9% August
- 4.9% July
- +0.0% month-over-month
- -0.2% year-over-year
In-Depth Look: Legal Industry
Let’s take a deeper dive into this month’s legal industry numbers:
- Legal Services
- Month-over-month change: 0
- 6,400 jobs added since August of last year
- Previous Months:
- July – 200
- June +4,800
- May +3,800
- Professional and business services
- Month-over-month change: +20,100
- +542,000 jobs added since August of last year
- Previous months:
- July +70,000
- June +38,000
- May +10,000
The unemployment rate for the subsector that includes legal services slightly dipped and now sits at 2.6%.
With job growth remaining steady, understanding your workforce continues to be key to recruiting and retaining top legal talent. To ensure your office remains competitive and is considered a top employer for professionals, our 2016 Salary Guide is the top resource for insights on what to pay legal professionals in your city. Request your free copy today!
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