255,000 Jobs Added in July

The U.S. Bureau of Labor Statistics (BLS) report today shows that total nonfarm payroll employment rose to 255,000 after an impressive 287,000 jobs were added in June.  As predicted by economists, the July jobs report shows that the labor market continues to demonstrate steady improvement particularly after June’s numbers shattered May’s weak numbers. July’s jobs numbers show a healthy labor force in service-providing industries which account for 86% of all jobs in the U.S. Growth occurred in professional and business services, health care, and financial activities. And as we get closer to the election in November, history tells us that undecided voters will likely lean towards the candidate whose party they believe nurtured a strong economy during their tenure.

July’s job report remains positive news even though the unemployment rate remained steady at 4.9%. Hourly wages rose by $0.8 to $25.69 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate held steady month-over-month and now sits at 4.9%. July’s job report is analyzed below with greater detail:

July 2016 Legal Jobs Report

  • Wages:
    • $25.69 July
    • $25.61 June
      • + 8 cents month-over-month
      • +0.4 % year-over-year
  •  Unemployment:
    • 4.9% July
    • 4.9% June
      • +0.0% month-over-month
      • -0.4% 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: -200
    • 5,000 jobs added since July of last year
  • Previous Months:
    • June + 4,800
    • May + 3,800
    • April – 1,500
  • Professional and business services
    • Month-over-month change: +70,000
    • +550,000 jobs added since July of last year
    • Previous Months:
      • June + 38,000
      • May + 10,000
      • April + 65,000

The unemployment rate for the subsector that includes legal services remained unchanged at 2.7%.

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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