According to the latest jobs report, the unemployment rate in the United States declined to 4.5 percent in March. More than half of the 98,000 jobs added to the economy were professional and business service sector jobs, showing strong job growth in the tech sector.
Three Month Decline in Unemployment Rate
March saw a 0.2 percent drop in unemployment rate to 4.5 percent. This marks a 0.5 percent year-over-year decrease and follows a three month pattern of declining unemployment rate. Over the past three months, the average number of jobs created averaged 178,000 per month.
Revisions to previous months: The change in total nonfarm payroll employment for January was revised from +238,000 to +216,000, and the change for February was revised from +235,000 to +219,000.
Continued Increase in Wages
Following a seven cent increase in February, the average hourly wage of U.S. workers in March increased five cents to reach $26.14. The average hourly earnings have risen 68 cents (2.7 percent) year-over-year.
Tech Jobs Contribute 20 Percent of Total Jobs in U.S.
The professional and business services sector added 56,000 jobs in March. Professional and technical technical services created 22,600 of these jobs.
The specific areas seeing the most growth in the professional and technical services sector include:
- Management and technical consulting services (+8,300 jobs in March 2017)
- Architectural and engineering services (+7,300 in March 2017)
- Computer systems design and related services (+4,500 jobs in March 2017)
The unemployment rate for professional and technical services changed 0.2 percent to 3.0 percent in March 2017.
March 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!