This article on 2017 Job Statistics and Recruiting is part of a series of helpful business articles published by CNI Recruiting. All of the statistics were provided by the U.S. Bureau of Labor Statistics.
2017 job statistics continue to reflect an improving economy and tightening job market. Nonfarm payroll employment increased by 235,000 in February 2017. This is the 77th month of increased employment, which is the longest on record. The change in employment for January was revised up from +227,000 to +238,000 and the employment change for December was revised down slightly from +157,000 to +155,000. Job growth has averaged 209,000 per month over the past 3 months. The February unemployment rate was 4.7 percent. This was the 17th month in a row that unemployment was reported to be 5% or less. Employment gains occurred in the following industries: Construction, private educational services, manufacturing, healthcare, and mining.
The following categories were among the strongest performers: Professional and business services continued to demonstrate growth in February with an increase of 37,000 jobs. Over the past 12 months, this category has added 597,000 jobs. Professional and technical services added 20,000 jobs, continuing a strong upward trend. Healthcare added 27,000 jobs, consistent with the average monthly change of 30,000 for the prior 12-month period. Within healthcare, ambulatory healthcare services added 18,000 jobs, also consistent with its prior 12-month average change of 20,000. Healthcare has added 357,000 jobs over the past 12 months.
Earnings And Hours
Average hourly earnings for all employees on private, nonfarm payrolls increased in February and are up 2.8 percent year for January and February. The average projected salary increase for 2017 is 3.1%. In February average weekly work hours were unchanged at 34.4 hours.
Real average hourly earnings for all employees increased a seasonally adjusted 0.1 percent from January to February. This is the net of a 0.2-percent increase in average hourly earnings combined with a 0.1-percent increase in the Consumer Price Index for All Urban Consumers (CPI-U).
Impact On Recruiting For Business And Healthcare
Most economists project a continuation of the current modest growth rate of the U.S. economy along with a continued increase in new job creation and a decrease in the size of the labor pool. As the result competition among employers to hire qualified talent will increase especially in the technology and healthcare industries.
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