March 27th, 2014
PROFESSIONAL STAFFING JOBS REPORT: MARCH 2014
The February jobs report from the Bureau of Labor Statistics revealed that there were 175,000 jobs added during the month. These numbers surprised economists and exceeded expectations by about 25,000 positions overall. The projections for February were based on the very limited job growth in the months of December (75,000) and January (113,000).
The unemployment rate remains virtually unchanged at just 6.7 percent, and many economists agree that job creation needs to be more consistent month-over-month in order to lower the national unemployment rate.
Professional and Business Services Plow Forward, Other Sectors Remain Stagnant
Despite frigid temperatures, job creation in the Professional and Business Services sector actually increased by 79,000 jobs in the month of February – more than the monthly average of 56,000 jobs. More specifically, Administrative and Support Services hiring rose by 40,400. Overall, roughly 19 million Americans were employed in the Professional and Business Services sector in February.
On the other hand, the Transportation and Warehousing, Healthcare, Manufacturing and Government sectors remained stagnant. Much of the manufacturing and transportation standstill is likely the result of heavy snowfall and frigid temperatures that put a halt to many projects.
The Forecast: Less Snow, More Hiring? Only Springtime Will Tell.
According to the BLS report, winter weather severely affected the employment numbers again this past month. The Polar Vortex refused to quit, affecting much of the U.S. Despite the fact that the calendar says springtime is here, much of the northern regions is still covered in slush, powder and ice. Only time will tell if the snow will thaw and if March’s numbers will heat up.
When the snow finally does disappear, businesses will face a host of questions: Will employers warm up to hiring as temperatures rise? Will employee hours increase? Will new positions be created? As mentioned, only time will tell, but economists are watching and waiting for the report’s release in April.
What do you think about this month’s jobs report?
Do you have any predictions for April? Sound off with your thoughts in the comments!