Report | United States Employment Update - March 2015
The national labor market continues to add jobs and maintain the momentum gained over the past few quarters, with 295,000 jobs added in February alone. Year-to-date, the economy has already seen 534,000 new jobs and is poised to sustain this level of growth over the next 12 to 18 months as other macroeconomic indicators, from consumer spending to bond issuance to business investment, continue their upward trajectory. Unemployment dropped by 20 basis points to 5.5 percent, also enabling the 30-basis-point drop in total unemployment to 11.0 percent. Once again, growth in the core non-office industries of leisure, hospitality, education, health, retail trade and construction led the way. While professional and business services remains solid and financial activities and information are slowly growing, they now represent less than a quarter of monthly gains. Highly specialized growth areas such as tech, specific types of industrial and transportation equipment and advanced engineering are likely to see further growth well above the national average as investment continues to pour into them from the private sector. On the other hand, mining and logging has already begun to demonstrate signs of contraction due to falling oil prices, although the impact of job losses will be more localized than other industries.
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