156k Jobs Added in September

The Latest Numbers From the BLS Employment Situation Report

The US economy added 156,000 jobs in September, and the unemployment rate unexpectedly edged higher, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate, which has held at 4.9 percent since the spring, inched up to 5 percent as the labor participation rate inched up.

The unexpected slowing of growth for US employment – for the third straight month – could make the Federal Reserve more cautious about raising interest rates.

This month’s employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 60% chance of a lift in the rate in December. Friday’s employment report will be the last before the Fed’s Nov. 1-2 policy meeting but some say a decision might be delayed until after the November 8th presidential election.

Economists’ predictions

Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 156,000 jobs were added this month which is nearly in line with the six months growth pattern.

september jobs report

This Month’s Report

Let’s break down the numbers from this month’s report:

In September, hourly wages rose $0.06 to $25.79 per hour, bringing the year-over-year wage percentage increase to 2.6%. The unemployment rate was little changed month-over-month and sits raised slightly at 5%.

  • Wages:
    • $25.79 September
    • $25.73 August
      • + 6 cents month-over-month
      • +2.6% year-over-year
  • Unemployment:
    • 5.0% September
    • 4.9% August
      • -0.1% month-over-month
      • -0.1% 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: 400
    • 2,800 jobs added since September of last year
    • Previous Months:
      • August 0
      • July – 200
      • June +4,800
  • Professional and business services
    • Professional and business services
      • Month-over-month change: +67,000
      • +582,000 jobs added since September of last year
    • Previous months:
      • August +20,100
      • July +70,000
      • June +38,000

The unemployment rate for the subsector that includes legal services slightly dipped and now sits at 3.2%.

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!

Keep your eyes peeled for our 2017 Salary Guide – coming this month!

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