October Jobs Report: Tech Leads Business Sector Growth

by Hanna Olivera on November 4, 2016

2016 national jobs reportA total of 161,000 jobs were created in October 2016, according to the Bureau of Labor Statistics’ jobs report. The unemployment rate saw a slight decrease to 4.9 percent, with employment continuing to trend up in the professional and business services sector.

Unemployment Rate Drops

A 0.1 percent drop in unemployment rate resulted in a 4.9 percent unemployment rate in October 2016. This change was also evident in the number of unemployed persons dropping from 7.9 million in September to 7.8 million in October. Both the unemployment rate and number of employed persons have shown steady figures since August 2015, with October continuing the trend of little net change.

The average number of jobs created per month for the last three months is 176,000, with 161,000 jobs created in October.

Revisions to previous months: The change in total nonfarm payroll employment for August was revised from +167,000 to +176,000,  and the change for September was revised from +156,000 to +191,000.

Rise in Wages Continues

The average hourly wage of U.S. workers rose ten cents to $25.92. This follows an 8-cent increase in September, yielding an average hourly earnings rise of 2.8 percent each month over the year.

Tech Jobs Dominate Business Sector Growth

542,000 jobs have been added to the professional and business services sector over the year. 43,000 jobs were added to the sector in October, with 40 percent of these (16,900) created in professional and technical services.

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

  • Computer systems design and related services (+8,300 jobs in October 2016)
  • Management and technical consulting services (+4,700 jobs in October 2016)
  • Accounting and bookkeeping services (+3,500 in October 2016)

The unemployment rate for professional and technical services was 3.0% in October 2016, a drop of 0.2% from September 2016.

October 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!

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