The Bureau of Labor Statistics’ unemployment report shows that 287,000 jobs were created in June 2016, putting job growth back on track. This is the highest gain in jobs in eight months, offsetting the economy’s performance in May. The unemployment rate in the United States rose 0.2 percentage points to 4.9 percent.
Job Creation On the Upswing
The average number of jobs created over the past three months is 147,000. The number of new jobs created in June is nearly double this figure (287,000), proving May to be an anomaly. The unemployment rate rose slightly to 4.9 percent. This increase is the result of more people entering the labor force in search of work. This is good news for employers as their talent pool of qualified candidates will expand.
Revisions to previous months: The change in total nonfarm payroll employment for April was revised from +123,000 to +144,000, and the change for May was revised from +38,000 to +11,000.
Continued Increase in Wages
The average hourly wage of U.S. workers rose two cents to $25.61. This six cents increase from May wages is a 2.6 percent year-over-year increase. The average hourly wage has seen an increase for the past three months and currently matches the highest level of the recovery.
Tech Sector Still Strong
17,000 new jobs were created in the tech sector in June, with Management and Technical Consulting Services seeing the most gains at 6,000 jobs. Scientific Research and Development Services added 3,700 jobs and Architectural and Engineering Services added 2,400 new jobs, both of which also contribute to the industry’s growth.
The continued rise of new jobs in the tech sector have helped to improve the unemployment rate for Professional and Technical Services by 0.1 percent month-over-month to 2.7 percent in June.
June 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!