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287k #jobs added to economy. #Legal #industry adds 4.8k since 2015. #JobsReport #jobsday @SpecialCounsel's analysis: http://spclcn.sl/29rCI4Q
After just 11,000 jobs were added in May, revised from 38,000, well below the first-quarter average of 196,000 and last year’s monthly average of 229,000, Federal Reserve Chairwoman, Janet Yellen confirmed that short-term interest rates would not be raised until uncertainties about the economic outlook are resolved.
June’s job report by the U.S. Bureau of Labor Statistics (BLS) suggests that a rebound in hiring last month is positive news even though the unemployment rate rose slightly to 4.9%. Employment in the private sector rose more than expected in June, led by gains in small-business jobs. Private sector jobs grew by 287,000. The increase includes as many as 35,000 jobs reflected by Verizon employees who have since returned back to their jobs after the strike.
Despite this positive news, economists continue to predict that an economic slowdown or recession is near. Adding to the uncertainty is how “Brexit,” the U.K.’s vote to leave the European Union, will impact the U.S. economy. Since the decision came after the cut-off period for June’s report, economists predict that July’s report will shed light on the global, economic uncertainty created by Brexit even though Britain will remain in the EU for another two years.
Let’s take a look at June’s job report in greater detail:
- $25.61 June
- $25.59 May
- + 2 cents month-over-month
- +2.6% year-over-year
- 4.9% June
- 4.7% May
- +0.2% month-over-month
- -0.4% year-over-year
In June, hourly wages rose $0.2 to $25.61 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate increased month-over-month and now sits at 4.9%.
In-Depth Look: Legal Industry
Let’s take a deeper dive into this month’s legal industry numbers:
- Legal Services
- Month-over-month change: +100
- 4,800 jobs added since June of last year
- Previous Months:
- May +3,800
- April -1,500
- March: +1,200
- Professional and business services
- Month-over-month change: +38,000
- +497,000 jobs added since June of last year
- Previous Months:
- May +10,000
- April +65,000
- March: +33,000
The subsector that includes the Legal Services reported an unemployment rate of 2.7%, down slightly from last month.
With the possibility of economic uncertainty continuing, 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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