March BLS jobs report: Industry review


Source: March BLS jobs report

The United States’ private sector generated over 192,000 jobs in March. Although the sector’s total job creation was not nearly high enough to lower the national unemployment rate, a majority of economists were encouraged by the figures.

This growth revealed a milestone of job creation, as private sector jobs added in March exceeded the employment figures of December 2007, its pre-recession peak levels. This milestone can be considered meaningful, and a step in the right direction.

But while the private sector has recouped 8.9 million jobs since February 2010, U.S. government jobs have not recovered since the recession began. Unfortunately, this has stumped overall growth and has resulted in a total nonfarm employment figure of 422,000 jobs below its December 2007 pre-recession level.

Overall growth aside, here are some key sector highlights from the BLS “The Employment Situation – March 2014” report:
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A closer look at the February BLS jobs report


Source: BLS jobs report

For the first time since last November, the nation’s private sector gained over 150,000 jobs in February. Although the sector’s total job creation – 162,000 – was not large enough to lower the national unemployment rate, a majority of economists were pleasantly surprised by the figures.

In addition, public sector employment ticked up for the first time in three months, rising by 13,000, as state and local government employment increased significantly. Not only did the public sector’s employment statistics surpass economists’ expectations, but a majority of the private sector’s industries reported hiring gains, as evidenced below.
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Private sector hiring continues to rise

For the 35th consecutive month, private sector employment upturned within the United States in January, according to the BLS’ most recent jobs report.

The report found that 166,000 private sector jobs were added to the national economy, as the total number of employed Americans rose to 143.3 million.
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Employment rose within a majority of private sectors

According to the BLS’ latest jobs report, more than 112 million Americans were employed within the private sector in December 2012, comprising nearly 84 percent of the nation’s working population.

In fact, despite a steady decline in public sector employment in 2012, private sector hiring continued to augment in December, rising for the 34th consecutive month.

A total of 168,000 new private sector jobs were created last month, as the following industries reported a rise in employment. 
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Private sector hiring exceeds economists’ projections

Since July, private sector hiring has been quite extensive within the United States, as a majority of sectors have reported a rise in employment. Regardless of such trends, many economists were unsure whether or not private sector hiring would continue to be as wide-ranging in November, after Superstorm Sandy struck the coast of the Mid-Atlantic and Northeastern United States in late October.

Despite economists’ concerns, 147,000 private sector jobs were generated last month, according to the BLS’ latest “The Employment Situation” report, signifying that hiring remains robust, as economic recovery continues.
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A majority of private sectors reported a rise in employment

According to the BLS’ latest “The Employment Situation” report, the nation’s private sector added 104,000 new jobs to the national economy in September, nearly matching August’s total job creation.
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