Economists predicted another month of 200k+ job additions ahead of this morning’s jobs report but the latest data told a different story. The Bureau of Labor Statistics announced 160,000 jobs were added in April and while this was below expectations, we still boast 65 straight months of positive job growth. Employment growth has averaged 232,000 per month.
Economists, and of course the Federal Reserve, were also keeping a close eye on this month’s wage growth. Wage growth has been one of the last and slowest pieces to labor-market recovery and a rise in wages would give the Fed more confidence in their 2% inflation target. It also suggests that consumer spending will continue to drive economic growth.
Let’s break down the numbers from this month’s report:
- $25.53 April
- $25.43 March
- + 8 cents month-over-month
- +2.5% year-over-year
- 5.0% April
- 5.0% March
- +0% month-over-month
- -0.4% year-over-year
In April, hourly wages rose $0.8 to$25.53 per hour, bringing the year-over-year wage percentage increase to 2.5%. The unemployment rate now sits at 5.0%.
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160k #jobs added to economy. #Legal #industry adds 3.3k since 2015. @specialcounsel's #JobsReport analysis: spclcn.sl/1QTTYaT
In-Depth Look: Legal Industry
Let’s take a deeper dive into this month’s legal industry numbers:
- Legal Services
- Month-over-month change: -1,500
- +3,300 jobs added since April of last year
- Previous Months:
- March: +1,200
- February: -1,500
- January: -1,100
- Professional and business services
- Month-over-month change: +65,000
- 606,000 jobs added since April of last year
- Previous Months:
- March: +33,000
- February: +23,000
- January: +9,000
The subsector that includes the Legal Services reported an unemployment rate of 2.6%, up slightly from last month. This is well below the national average and is great news for job seekers. But, for employers, the unemployment rate in this industry is an indicator that hiring top talent is going to be tougher than ever. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. 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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