Posted by Paladin on March 04, 2016
An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) February 2016 monthly jobs report.
Jobs Friday is here and this month’s numbers from the Bureau of Labor Statistics are reversing fears that a second recession is upon us. February saw 242,000 new jobs added to the U.S. economy, a big jump from January’s 172,000 (revised from 151,000 originally reported).
Second recession fears might also ease up due to the current unemployment rate. It sits at 4.9%, no change from last month but still the lowest level in 8 years.
We’re also keeping an eye on the change in wages. This number is often the most important factor that influences the timing of interest rate hikes by the Federal Reserve. In February, hourly wages declined 3 cents to $23.35 per hour, bringing the year-over-year wage percentage increase to 2.2%.
So which industries should marketing and creative professionals consider joining? Take a look at the most recent numbers:
- Professional and business services: +23,000 month-over-month with average growth of +52,000 per month over the last 12 months.
- Construction: +19,000
- Health care: +38,000
- Food services and drinking places: +36,900
- Manufacturing, mining, and similar heavy industries continue to struggle.
Taking a close look at the industries subsectors:
- Motion Picture and Sound Recording
- MOM: +7,100
- YOY: +20,500
- MOM: +400
- YOY: -100
- Specialized Design
- MOM: -600
- YOY: +8,600
- MOM: -400
- YOY: +15,100
This is great news for professionals in the creative industry who are currently on the market – there were more jobs added in these industries than some others. Employers, this means stay on top of your game – tout your company culture, showcase your unique employee benefits, and be sure to offer a competitive salary.