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United States

Report | United States Employment Update - April 2015


After 12 consecutive months of employment growth surpassing 200,000 jobs per month, the U.S. labor market slowed down in March, adding just 126,000 net new jobs. In turn, unemployment stayed stable at 5.5 percent, while total unemployment dropped by an additional 10 basis points to 10.9 percent. Although nearly all sectors apart from tech and some highly specialized industries were affected to varying degrees, goods-producing segments such as mining and logging posted sharper contractions, in part due to falling oil prices. On the other hand, continued overall employment growth is beginning to put pressure on wages; hourly wages are up 2.6 percent compared to this time last year, exceeding CPI increases. We expect that wage growth, and as a result consumer spending and confidence, will accelerate as the search for talent intensifies. Additionally, we believe that March is likely an aberrant month, as external indicators as well as jobless claims, among other labor market measures, continue to trend in a positive direction, leading the way for further growth ahead.


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