Posted by Paladin on April 10, 2015
126,000 jobs were added in March and the national unemployment rate stayed the same at 5.5 percent
Nonfarm payroll employment increased by 126,000 in March compared to gains averaging 269,000 over the prior 12 months. Over the month, employment continued to trend up in professional and business services, health care, and retail trade. Mining employment decreased.
Additionally, layoffs were down 7.6 percent to 1.6 million, the lowest level in 16 months.
The number of job openings is still high despite less jobs added last month, but U.S. hiring numbers are low. It is suspected that the hiring numbers have decreased due to a talent shortage. Rising openings could force businesses to offer higher wages.
Analysts are saying that weather probably played a role in the unexpectedly low jobs data released by the Labor Department. The report also reflected an economy slowed by declining exports, attributed partly to the strong dollar, as well as a pullback in investments in the energy sector as oil prices have tumbled.
Professional and Business Services Sector adds 40,000 jobs
The employment change for February revised down from +295,000 to +264,000, and the change for January revised down from +239,000 to +201,000. Incorporating revisions, employment has increased by an average 197,000 per month over the past 3 months.
Average hourly earnings for all employees increased by 7 cents in March. Hourly earnings are up 2.1 percent over the year. Over the month, average weekly hours edged down 0.1 hour to 34.5 hours.
Employment continued to trend up in professional and business services in March. Over the prior 12 months, job growth averaged 55,000 per month.
The job market is improving and good candidates are getting harder to find. Do you have your recruiting and hiring strategy in place?
Paladin can help you secure the creative and marketing staff you need to grow your business. We’ve got a pool of top creative candidates who are ready to work with companies like yours.