December Jobs Report: Fastest Pace of Wage Increase in 7 Years

by Hanna Olivera on January 6, 2017

2016 national jobs report156,000 jobs were created in December 2016, according to the latest Bureau of Labor Statistics jobs report. The unemployment rate saw little change at 4.7 percent, and 15,000 jobs were created in the professional and business services sector.

Jobs Added for 75th Consecutive Month

The unemployment rate saw little adjustment in December 2016, only seeing a 0.1 change to 4.7 percent. Over the span of 2016, the number of long-term unemployed declined by 263,000.

For the 75th consecutive month, jobs were added to the economy with the average number of jobs created per month for the last three months at 165,000.

Revisions to previous months: The change in total nonfarm payroll employment for September was revised from +191,000 to +208,000,  and the change for October was revised from +161,000 to +142,000.

Wages Jump in December

The average hourly wage of U.S. workers increased by ten cents to $26.00. Over the year, there has been a rise of 2.9 percent in average hourly earnings. This is the fastest annual increase since the economic recovery, which began in 2009.

More Than 500,000 Tech Jobs Created in 2016

The professional and business services sector added 522,000 jobs in 2016, with 15,000 added in December. Of these December jobs, professional and technical services created 6,600.

The specific areas seeing the most growth in the professional and technical services sector include:

  • Management and technical consulting services (+5,500 jobs in December 2016)
  • Other professional and technical services (+4,500 jobs in December 2016)
  • Computer systems design and related services (+4,100 in December 2016)

The unemployment rate for professional and technical services was 3.3 percent in December 2016.

December Jobs Report Fast Facts

Hire Top Tech Talent in 2017

While the IT industry continues to add jobs, the competition to hire the best talent will continue to heat up. Modis can help you stay ahead in 2017 and connect your business with the very best tech professionals. Learn more about how we can move your business forward or contact us today!

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