Posted by bladm on April 15, 2014
The ice has melted and spring has finally sprung! According to the recent Bureau of Labor Statistics report released on April 4, the U.S. economy added 192,000 jobs in March, exceeding month-over-month averages for the last year (183,000). Despite strong job growth, the unemployment rate remained at 6.7 percent for the third month in a row.
Since March 2013, the number of unemployed persons has declined by 1.2 million and the unemployment rate has fallen by .8 percentage points. As a result, economists are optimistic, and many have predicted increased growth for the second quarter of 2014.
Temporary Hiring is on the Up and Up
The Professional and Business Services sector once again saw solid growth. Roughly 57,000 jobs were added to the sector in March, with 28,500 of those being temporary help services positions. Temporary employment levels have grown 9.6 percent in the last year, which is the largest year-over-year increase in the temporary workforce since July 2012.
Lower Jobless Claims Excite and Intrigue Economists
Reuters reported that the number of Americans filing new unemployment benefit applications has hit its lowest level in seven years. Economists were surprised to see these claims dropped by 32,000 from February, bringing the new number of jobless claims down to roughly 300,000, the lowest level since May 2007.
Although not all economists are convinced that this marks a true sign of full recovery, many are optimistic given other indicators like automobile sales and positive trends in the monthly jobs report numbers. The naysayers state they would feel more comfortable with 5 million additional jobs added to the workforce and an unemployment rate of 5.5 percent before citing a “full recovery,” as this would account for workforce population growth.
Creative Industry Insights
TriNet, a leading cloud-based provider of HR services, announced their recent findings in their March issue of SMBeat. According to the report, sales and marketing jobs experienced the greatest growth between January 2009 and March 2014. There was a 25 percent annualized increase for the industry. Even in the first post-recession year, sales and marketing saw 13 percent average growth. For 2014, experts are predicting the industry increases by 33 percent annual net job growth. In addition to sales and marketing, software engineering and operations showed significant growth during the timeframe.
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