Job Market Review

Jan 6, 2017
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JOB MARKET REVIEW for JANUARY 2017

SUMMARY

Hiring rates will be rise in January compared with a year ago: A net of 41.7 percent of manufacturers and a net of 26.2 percent of service-sector companies will add jobs in January, according to SHRM's Leading Indicators of National Employment (LINE) report for January 2017. The manufacturing hiring index will rise by 11.3 points and the service index will rise by 4.6 points compared with a year ago.

Elsewhere, the U.S. Bureau of Labor Statistics (BLS) reported that the U.S. labor force added 156,000 jobs in December, and the nation’s unemployment rate was 4.7 percent, up slightly from 4.6 percent in November. Some of the biggest job gains were in health care and social assistance (+43,000 jobs) and food services and drinking places (+30,000 jobs).

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 October, little changed from September. There were 1.5 million layoffs and discharges in October, little changed from September.

Results varied for recruiting difficulty in December; fewer employers increased new-hire compensation: Recruiting difficulty fell slightly in December for manufacturing HR professionals and rose slightly for service-sector HR professionals compared with December 2015. The index for new-hire compensation fell in both manufacturing and services in December compared with a year ago, according to the LINE report.

SHRM JOB MARKET DATA AND RESOURCES

GOVERNMENT DATA

U.S. BUREAU OF LABOR STATISTICS

Employment Situation: December 2016
'Total nonfarm payroll employment rose by 156,000 in December, and the unemployment rate was little changed at 4.7 percent.'

Job Openings and Labor Turnover: October 2016 
'On the last business day of October, there were 5.5 million job openings. The job openings rate was 3.7 percent. The number of job openings was little changed for total private and for government.'

Metropolitan Area Employment and Unemployment: November 2016
'Unemployment rates were lower in November than a year earlier in 271 of the 387 metropolitan areas, higher in 90 areas and unchanged in 26 areas. Thirty-six areas had jobless rates of less than 3.0 percent and four areas had rates of at least 10.0 percent.'

Real Earnings: November 2016
'Real average hourly earnings increased 0.8 percent, seasonally adjusted, from November 2015 to November 2016. This increase in real average hourly earnings combined with a 0.3-percent decrease in the average workweek resulted in a 0.5-percent increase in real average weekly earnings over this period.'

U.S. BUREAU OF ECONOMIC ANALYSIS

Personal Income and Outlays: November 2016
'Personal income increased $1.6 billion (less than 0.1 percent) in November. Disposable personal income decreased $1.3 billion (less than 0.1 percent) and personal consumption expenditures increased $24.0 billion (0.2 percent).'

Gross Domestic Product: Q3 2016, Third Estimate
'Real gross domestic product increased at an annual rate of 3.5 percent in the third quarter of 2016, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent.'

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