Job Market Review April 2016

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JOB MARKET REVIEW for APRIL 2016

 
SUMMARY

Hiring rates will vary in April compared with a year ago: A net of 47.6 percent of manufacturers and a net of 52.6 perce​nt of service-sector companies will add jobs in April, according to SHRM's Leading Indicators of National Employment (LINE) report for April 2016. The manufacturing hiring index will fall by 4.4 points and the service index will rise by 7.5 points compared with a year ago.  

Elsewhere, the U.S. Bureau of Labor Statistics (BLS) reported that the U.S. labor force added 215,000 jobs in March, and the nation's unemployment rate was little changed at 5.0 percent, from 4.9 percent in February. Retail trade, construction, and health care all added jobs. Job losses occurred in manufacturing and mining.

Job openings remain at high levels: The most recent BLS Job Openings and Labor Turnover (JOLTS) report showed there were 5.5 million job openings on the last business day of January, up slightly from December. Job openings increased over the year in January for several industries, with the largest increases coming in health care and social assistance (+215,000) and professional and business services (+199,000). 

Recruiting difficulty eases in March, mixed results for new-hire compensation:​ In March, the index for new-hire compensation rose in manufacturing and fell in services compared with a year ago, according to the LINE report. Recruiting difficulty dropped marginally in both sectors compared with March 2015, according to the LINE report.
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SHRM JOB MARKET DATA AND RESOURCES​



GOVERNMENT DATA


U.S. BUREAU OF LABOR STATISTICS


Employment Situation: March 2016
'Total nonfarm payroll employment rose by 215,000 in March, and the unemployment rate mainly held steady at 5.0 percent. Job gains occurred in several industries, led by retail trade, construction, and health care while job losses occurred in manufacturing and mining.'

Job Openings and Labor Turnover: January 2016
'Job openings remain at historically high levels, rising to 5.5 million (+260,000) in January. The job openings rate was 3.7 percent. The number of job openings increased in January for total private (+289,000) and was little changed for government.'

Regional and State Employment and Unemployment: February 2016
'Regional and state unemployment rates were little changed in February. Twenty-two states had unemployment rate decreases from January, eight states had increases, and 20 states and the District of Columbia had no change. Thirty-seven states and the District of Columbia had unemployment rate decreases from a year earlier, 10 states had increases, and three states had no change.'

Real Earnings: February 2016
'Real average hourly earnings increased 1.2 percent, seasonally adjusted, from February 2015 to February 2016. This increase in real average hourly earnings combined with a 0.6-percent decrease in the average workweek, resulted in a 0.6-percent increase in real average weekly earnings over this period.'

U.S. BUREAU OF ECONOMIC ANALYSIS

Personal Income and Outlays: February 2016
'Wages and salaries increased $9.4 billion in February, compared with an increase of $46.5 billion in January. Private wages and salaries decreased $12.9 billion, compared with an increase of $41.9 billion. Government wages and salaries increased $3.5 billion, compared with an increase of $4.6 billion.'

Gross Domestic Product: Q4 2015, Third Estimate
'Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 1.4 percent in the fourth quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent.'
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