The Latest From the BLS Employment Report:
The first jobs report announced under President Donald Trump showed the economy added 227,000 jobs in January, the Labor Department reported Friday, up from December’s 157,000. The unemployment rate raised slightly to 4.8 percent this month. Markets reaction to the news saw stock market futures move higher while government bond yields fell.
In January, employment increased in retail trade, construction, and financial activities. Construction gained 36,000, financial activities were up 32,000 and professional and technical services saw a 23,000 gain. The change in total nonfarm payroll employment for November was revised down from 204,000 to 164,000 and December was revised up from 156,000 to 157,000. With these revisions, employment gains in November and December combined were 39,000 lower than previously reported. Over the past 3 months, job gains have averaged 183,000 per month.
As 2017 kicks off, and a new presidency begins, all eyes are on the jobless rate and the wage growth. While the unemployment rate, at 4.8 percent, and the number of unemployed 7.6 million, changed little in January, most economists consider this surge of 227,000 jobs to be an indicator of an increasingly healthy labor market. President Trump, who ordered an across-the-board hiring freeze for the federal government last week, has pledged on the White House website to create 25 million new jobs.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report exceeded expectations with 227,000 jobs added.
This Month’s Report
Let’s break down the numbers from this month’s report.
In January, hourly wages increased by $0.03 to $26 per hour, following a 6 cent decrease in December. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight uptick to 4.8 percent.
- $26 Janary
- $25.97 December
- + $0.03 month-over-month
- + 2.5% year-over-year
- 4.8% January
- +0.1% month-over-month
- 4.7% December
- 4.8% January
Let’s take a deeper dive into this month’s legal industry numbers:
In-Depth Look: Legal Industry
- Legal Services
- Month-over-month change: -900
- 5,500 jobs added year-over-year
- Previous Months:
- December +2,000
- November -500
- October -1,000
- Professional and business services
- Month-over-month change: +39,000
- +574,000 jobs added year-over-year
The unemployment rate for the subsector that includes legal services now sits at 5.7%.
With job growth remaining steady, understanding your workforce continues to be key to recruiting and retaining top legal talent.
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