The latest jobs report revealed the addition of 235,000 jobs to the United States economy in February 2017 with a slight drop in unemployment rate to 4.7 percent. The professional and business services sector contributed 37,000 of these jobs.
Half a Million Jobs Created in Two Months
The unemployment rate in February dropped 0.1 percent to 4.7 percent, a year-over-year decrease of 0.2 percent. Over the past three months, the average number of jobs created rose to 209,000, with half a million jobs created in January and February.
Revisions to previous months: The change in total nonfarm payroll employment for December was revised from +157,000 to +155,000, and the change for January was revised from +227,000 to +238,000.
Month-Over-Month and Year-Over-Year Wage Increase
The average hourly wage of U.S. workers in February increased six cents to reach $26.09. This follows a five cent increase in January. The average hourly earnings have risen 71 cents (2.8 percent) year-over-year.
Tech Unemployment Rate Drops in February
In February, the professional and business services sector added 37,000. Professional and technical technical services created 20,300 of these jobs.
The specific areas seeing the most growth in the professional and technical services sector include:
- Management and technical consulting services (+6,300 jobs in February 2017)
- Computer systems design and related services (+5,500 jobs in February 2017)
- Architectural and engineering services (+4,500 in February 2017)
The unemployment rate for professional and technical services dropped 0.7 percent to 2.8 percent in February 2017.
February 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!