Jobs report summary for the legal industry. Based on the BLS report with July 2014 data.
The Bureau of Labor Statistics revealed that July employment added 209,000 jobs, a slight decline from 230,000 jobs that economists were predicting. Because the newly added jobs underperformed projections, the unemployment rate rose from 6.1% to 6.2%. On a positive note, the labor participation rate increased from 62.8% to 62.9%, reflecting that are more working people either looking for work or have found employment.
In the first half of 2014, the workforce has added 1.5 million jobs. While economists are pleased with the overall growth, it’s a slower pace than what they expected. For the second half of 2014, can we expect the economic growth needed to fully expand the workforce?
Professional and Business Sector Consistent, Legal Services Sluggish
With 47,000 jobs added in July, the Professional and Business Sector continue to be one of the strongest sectors for growth within the year. Legal Services lost 200 jobs for the month, still remaining sluggish since the start of 2014.
Temporary Help Services also added 8,500 jobs in July. As the labor participation rate increased from 62.8% to 62.9%, more workers are actively looking for employment or now hold a job. Potentially, the Temporary Help Services Sector could increase in the upcoming months due to workers accepting part-time or temporary work until full time positions present themselves.
Wages Improve, But Are Limited
From July 2013 to July 2014, wages for the Professional and Business Sector increased $0.70. While we continue to see gains in almost all aspects of the overall workforce, the minimal gains within the economy limit the amount of newly added jobs within the U.S. Will we start to see the economic spark in the second half of 2014 that catapults the market and employment?
For more detailed information on job growth and unemployment within your region, contact your local Special Counsel office.
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