Posted by Kara Bosworth on September 01, 2016
An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) June 2016 monthly jobs report.
A slowing down from the gains of the last couple of months was expected ahead of this month’s jobs report, but a promising 151,000 were added in August nonetheless.
Job creation has been volatile in recent months, with 275,000 jobs added in July (revised up from 255,000) and 271,000 positions created in June (revised from 292,000), and only 24,000 were added in May. But, this month’s report shows promising growth that helps reinforce the upward trend of the last few years.
Today’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 55.4% chance of a lift in the rate at the Federal Open Market Committee meeting Sept. 20-21.
Economists predicted 175,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 151,000 jobs were added this month which is nearly in line with the six months growth pattern.
This month’s report
Let’s break down the numbers from this month’s report:
In August, hourly wages rose $0.3 to $25.73 per hour, bringing the year-over-year wage percentage increase to 2.4%. The unemployment rate remained unchanged month-over-month and still sits at 4.9%.
- $25.73 August
- $25.69 July
- + 3 cents month-over-month
- +2.4% year-over-year
- 4.9% August
- 4.9% July
- +0% month-over-month
- -0.2% year-over-year
In-Depth Look: Top Industries
Check out our analysis of some top industries:
- Professional and business services
- Month-over-month change: +20,100
- +542,000 jobs added since August of last year
- Month-over-month change: -6,000
- +200,000 jobs added year-over-year
- Month-over-month change: -14,000
- -37,000 jobs lost year-over-year
- Transportation and warehousing
- Month-over-month change: +14,900
- +50,300 year-over-year job gains
- Health care
- Month-over-month change: +14,400
- +442,900 jobs added since June of last year
- Month-over-month change: +10,700
- +166,800 jobs added in the last year
- Administrative and support services
- Month-over-month change: -2,500
- +191,800 jobs added year-over-year
- Office Administrative Services
- Month-over-month change: +2,700
- +25,700 jobs added year-over-year
In-Depth Look: Creative and Marketing Jobs
Taking a closer look at the industries subsectors:
- Month-over-month: +2,800
- Year-over-year: +29,000
- Motion Picture and Sound Recording
- Month-over-month: -200
- Year-over-year: +17,900
- Data processing, hosting and related services
- Month-over-month: +900
- Year-over-year: +1,900
- Month-over-month: +2,100
- Year-over-year: -1,300
- Specialized Design
- Month-over-month: +800
- Year-over-year: +9,500
- Month-over-month: -3,500
- Year-over-year: +5,700
The market remains extremely competitive for employers hoping to hire top professionals. But there are some things you can do to establish your business in the marketplace as a great place to work. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary. Request a free copy of our 2016 Salary Guide – a comprehensive resource for salaries across the industry – to get the latest salary insights that will help you hire the industries top professionals.