July 7th, 2014
Professional Staffing Jobs Report: July 2014
According to this month’s Bureau of Labor Statistics economic report, the U.S. added 288,000 jobs in June 2014. Jobs were generated in many industries, including retail trade, food services and healthcare, and actual numbers exceeded the 215,000 positions estimated by many economists. This marks the best five-month stretch of job growth since the early 1990s.
The unemployment rate dropped .2 percentage points and now sits at 6.1 percent, the lowest unemployment rate the United States has seen since 2008. Clearly, June was a strong month for the United States economy.
Fed Year-End Predictions Were Met in June
According to U.S. Economist Omair Sharif, “This was a strong report any way you slice it.” When asked about the unemployment rate, Sharif said it’s “where the fed thought we would be at year-end, and it’s only June.”
The diversity of jobs added is a signal of a robust recovery according to economists. They believe that the patterns in June may also spill over in July, further skyrocketing over original Fed predictions.
Reported Growth in Professional & Business Services
The Professional and Business Services sector rose by 67,000 jobs in June, exceeding the monthly average of 53,000 jobs. Some sub-sectors of note include Management & Technical Consulting Services, which added 8,000 jobs; Architectural & Engineering Services, which added 7,000 jobs; and Computer Systems Design, which added 7,000 jobs.
Though it’s still climbing upward, Temporary Help Services only saw modest gains this month, which is different than the significant upwards trends the U.S. has seen for the last several monthly reports.
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Labor Force Participation Rate Stagnant Despite Gain of 288,000 Jobs
Though this month’s report was strong, the Labor Force Participation rate remained stagnant at 62.8 percent for the third month in a row.
Hourly earnings also had a modest gain of only .2 percentage points with the average workweek holding steady at 34.4 hours.
BLS Reports Revisions Totaling 29,000 Job Gain
Last week’s BLS report also included revisions to the reports for the previous two months. The employment gains actually totaled 29,000 more than previously reported – April’s number jumped from 282,000 to 304,000, while May was revised to 224,000 as opposed to the originally reported 217,000.
Salaries are Top of Mind for Job Satisfaction for the 1st Time Since the Recession
Employees are now starting to say that compensation is the biggest contributor to job satisfaction, according to a new Society for Human Resource Management (SHRM) survey. Roughly 60 percent of respondents ranked compensation and pay as their number one priority, while job security and opportunities to use skills and abilities tied as the second biggest contributors to job contentment.
These results reveal that the economy is steadily improving, as more workers say that they’re not content simply having a job. Employees will start asking for higher wages, making up for the completely stagnant or minimal growth for the last several years.
According to the SHRM survey, 56 percent of employees reported receiving raises in the last year, which is up 6 percentage points from the previous year. The survey was across all age groups and generations of workers in large companies and corporations.
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