The latest from the BLS Employment Report:
The second jobs report of 2017 showed that the economy continues to trend positively. The Labor Department reports that 235,000 jobs were added in February. The unemployment rate dropped slightly to 4.7 percent, down .2 percent year-over-year. The actual number of jobs added far exceeded the predicted number of 190,000, and as a result, there is an increased likelihood of a rate increase by the Fed when they meet next week. Despite this, emerging-market currencies surged following the report’s release.
In February, jobs were added in construction (58,000), private educational services (29,000), manufacturing (28,000), health care (27,000) and mining (8,000). The change in total nonfarm payroll employment for December was revised down from 157,000 to 155,000, while January was revised up from 227,000 to 238,000. With these revisions, employment gains in December and January combined were 9,000 more than previously reported. Job gains have averaged 209,000 over the past three months.
President Trump’s first full month saw a large increase in jobs, an indication that the economy is very healthy right now. However, economists say that it will be very difficult for Trump to fulfill his promise to create 25 million jobs over the next 10 years amid an already-low unemployment rate and Boomers retiring at rapid rates. It is also uncertain how a rate hike by the Fed would impact the growth trend.
Economists predicted 190,000 additions ahead of this morning’s jobs report, but the report exceeded expectations with 235,000 jobs added.
This months jobs report
Let’s break down the numbers from this month’s report.
In February, hourly wages increased by $0.06 to $26.09 per hour, following a 5-cent increase in January. This brings the year-over-year wage percentage increase to 2.8 percent, while the unemployment rate saw a slight drop to 4.7 percent.
- $26.09 February
- 0.06 month-over-month
- 2.8% year-over-year
- $26.03 January
- 4.7% February
- 4.8% January
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: 28,000
- 7,000 jobs added year-over-year
Administrative and support services
- Month-over-month change: 10,300
- 243,200 jobs added year-over-year
- Month-over-month change: 6,300
- 104,000 jobs added year-over-year
- Month-over-month change: 58,000
- 219,000 jobs added year-over-year
Professional and business services
- Month-over-month change: 37,000
- 597,000 jobs added year-over-year
Transportation and warehousing
- Month-over-month change: 8,800
- 101,000 jobs added year-over-year
Office administrative services
- Month-over-month change: 3,100
- 26,800 jobs added year-over-year
- Month-over-month change: 26,800
- 356,600 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.