Posted by bladm on August 08, 2014
Following a stellar July report, August’s addition of 209,000 jobs seems slightly lackluster. However, there is reason to celebrate. August marks the sixth consecutive month that the BLS reported a job growth of over 200,000. This is the first time our job market has seen a triumph like this since 1997.
Job creation itself was focused on four key areas: construction, retail trade, manufacturing, and professional and business services.
National Unemployment Rate Sees a Surprising Increase
Though the last five months of job growth really helped our unemployment rate, putting it at a 6-year low of 6.1%, the same cannot be said for this month. Unfortunately, our national unemployment rate saw an increase of .1 percentage point, now resting at 6.2%.
Keep your head up though, as over the past year, our unemployment rate has seen a 1.1 percentage point drop. Within the last 12 months, we’ve also seen our pool of unemployed persons decrease by 1.7 million.
BLS Revisions Equate to a 15,000 Job Gain
The new BLS report noted revisions for previously published reports. In May, it was reported that 224,000 jobs were added to the economy. The BLS reported this month that the number has been adjusted to 229,000. In June, the original reports boasted the addition of 288,000 jobs, but instead this number has been corrected to 298,000.
With these revisions, the job numbers were actually 15,000 higher than what was previously reported – even better news for already strong months for job creation.
Professional Employment Growth Steals the Show in August
The Professional and Business Services sector showed the best job growth in this month’s report, adding 47,000 jobs in July. The Professional and Business services sector has been a shining star over the last 12-month period – adding 648,000 jobs over the last year alone. Some sub-sectors that did especially well this month include administrative and support services (+14,900 jobs), architectural and engineering services (+9,000 jobs) and computer systems design and related services (+3,900 jobs).
Surprisingly, the Temporary Help Services subsector did not see a large boost in July, adding only 8,500 jobs; however, previous months in 2014e saw tremendous growth from the subsector. We wouldn’t go as far to say temporary help is not still a robust subsector, but it’s just not growing as rapidly as it did during the first half of this year.
Don’t Let This Hiccup Deter Your Hiring Situation
People are still being placed in positions every single day. The best creative professionals are always scouting for their next position, so if you’re in the market to hire, the time to act is now. Paladin networks with an excellent pool of creative talent ready and waiting for their next opportunity. The right talent. The right fit. The right time.