The Latest From the BLS Employment Report:
Job creation in April soared to 211,000 while the unemployment rate fell to 4.4 percent, its lowest since the recession. So far this year, employers have added an average of 174,000 jobs. The average hourly earnings of private-sector workers grew 2.5 percent in the last year. This marks steady growth after a lackluster March. The boost in jobs growth confirmed that the tepid March numbers were a weather-related aberration, said Tony Bedikian, head of global markets for Citizens Bank. The solid April jobs report solidifies that there will be another interest rate hike from the Federal Reserve in June, economists said Friday.
“The report virtually cements the odds of a June rate hike. Something dramatic has to happen to persuade the Fed not to move,” said Sal Guatieri, senior economist at BMO Capital Markets.
Economists predicted a payroll growth of 185,000 and the jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled from last month’s numbers, coming in at 211,000. Monthly job gains at the current pace should eventually help push up wages.
This months report
Let’s break down the numbers from this month’s report.
In April, hourly wages increased by $0.03 to $26 per hour, following a 6 cent decrease in March. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight uptick to 4.4 percent.
- $26.19 April
- +0.07 month-over-month
- +2.5% year-over-year
- $26.12 March
In-Depth Look: Our Industries
Let’s dive right into a look at how our industries compare to the national numbers:
- Month-over-month change: +6,000
- 40,000 jobs added year-over-year
Administrative and support services
- Month-over-month change: +15,100
- 258,500 jobs added year-over-year
- Month-over-month change: +4,200
- 94,800 jobs added year-over-year
- Month-over-month change: +5,000
- 173,000 jobs added year-over-year
Professional and business services
- Month-over-month change: +39,000
- 612,000 jobs added year-over-year
Transportation and warehousing
- Month-over-month change: +3,500
- 83,500 jobs added year-over-year
Office administrative services
- Month-over-month change: +1,800
- 30,300 jobs added year-over-year
- Month-over-month change: +19,500
- 336,900 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions; therefore employers will need to stay competitive. Make sure you’re paying your people the right salary and doing everything you can to recruit and retain the best talent – check out our 2017 Salary Guide.