According to the Bureau of Labor Statistics’ unemployment report, 255,000 jobs were created in July 2016. Professional and technical services created 37,000 jobs among these. The unemployment rate in the United States remained steady at 4.9 percent.
Increase In Jobs Eases Economic Doubts
After baffling economic performance in May 2016 and June 2016, July’s jobs report is a breath of fresh air to economists and employers alike. The creation of 255,000 jobs in July 2016 reassures that the economy is on the right track.
Workers are also sensing the economic strength: more than 400,000 people joined the labor force in July 2016, indicating that workers think more jobs are available. In fact, job openings remain near a record high.
Revisions to previous months: The change in total nonfarm payroll employment for May was revised from +11,000 to +24,000, and the change for June was revised from +287,000 to +292,000.
Wages Continue to Increase
The average hourly wage of U.S. workers rose eight cents in July 2016, reaching $25.69. This marks a 2.6 percent year-over-year increase in hourly earnings.
Month-Over-Month Tech Job Growth Nearly Doubles
Professional and business services have added 550,000 jobs over the past 12 months, with professional and technical services leading this growth. In July alone, professional and technical services claimed more than half (37,000) of the 70,000 professional and business service jobs created, nearly doubling the amount of jobs created in this sector in June 2016.
The specific areas seeing the most growth in the tech sector include:
- Computer systems design and related services (+8,200 in July 2016)
- Architectural and engineering services (+6,500 jobs in July 2016)
- Management and technical consulting services (+5,600 jobs in July 2016)
The unemployment rate for professional and technical services shows no month-over-month change, remaining steady at 2.7% in July 2016. The sector does, however, show a 0.4 percent year-over-year improvement in unemployment rate.
July Jobs Report Fast Facts
Hire Top Tech Talent in 2016
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 2016 and connect your business with the very best tech professionals. Learn more about how we can move your business forward or contact us today!