Jobs Report: 215k Jobs Added in March

Posted by Paladin on March 31, 2016

An employment summary based on the U.S. Bureau of Labor Statistics’ (BLS) March 2016 monthly jobs report.

March’s job report numbers typically come in close to 45,000 lower than economists’ predictions, but this morning’s report was a bit of a surprise. Just over 200k jobs were expected to be added in the last month, but the BLS reported 215,000 jobs were added. This could calm jittery investors and help reassure the Federal Reserve, which is currently weighing further interest rate hikes.

In February, the Fed had their eye on jobs additions, wages and the unemployment rate to aid in their decision to raise interest rates. This month’s report is much the same with these same numbers weighing heavily with the Fed and impacting their decision. Let’s take a look at these stats:

  • Wages:
    • $25.43 March
    • $23.35 February
      • + 7 cents month-over-month
      • +2.3% year-over-year
  • Unemployment:
    • 5.0% March
    • 4.9% February
      • +0.1% month-over-month
      • -0.5 year-over-year

In March, hourly wages rose $0.7 to $25.43 per hour, bringing the year-over-year wage percentage increase to 2.3%. The unemployment rate now sits at 5.0%. While this is up slightly (+0.1%) from last month, the rate has remained constant much like rates in 2008.

In-Depth Look: Top Industries

Check out our analysis of some top industries:

  • Professional and business services
    • Month-over-month change: +33,000
    • 606,000 jobs added since March of last year
  • Construction
    • Month-over-month change: +37,000
    • +301,000 jobs added year-over-year
  • Manufacturing
    • Month-over-month change: -29,000
    • -27,000 jobs lost year-over-year
  • Health care
    • Month-over-month change: +36,800
    • +503,000 jobs added since March of last year
  • Legal Services
    • Month-over-month change: +1,200
    • Year-over-year change: +8,200

In-Depth Look: Creative and Marketing Jobs

Taking a closer look at the industries subsectors:

  • Motion Picture and Sound Recording
    • Month-over-month: +3,000
    • Year-over-year: +21,800
  • Broadcasting
    • Month-over-month: -400
    • Year-over-year: +0
  • Specialized Design
    • Month-over-month: +0
    • Year-over-year: +7,500
  • Advertising
    • Month-over-month: -900
    • Year-over-year: +13,100

For companies hoping to hire creative and marketing professionals, the market remains extremely competitive. You’ll want to establish yourself as a premier employer to beat out your competitors and hire the right professionals. Making sure to offer the right salary and benefits is the first step in establishing yourself in the marketplace. Request a free copy of our 2016 Salary Guide – a comprehensive resource for salaries across the industry – to get the latest salary insights that will help you hire the industries top professionals.

 

Posted in: Jobs Reports, Monthly Economic Reports

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