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:
Professional and Business Services
As expected, the industry continued to report strong job growth statistics in March, with the addition of 57,000 jobs to the economy. Sub-sectors such as architecture and engineering added 5,000 jobs, IT consulting and design created 9,600 and temporary help services generated 28,500 jobs. In total, 19 million Americans were employed within the sector last month.
Healthcare
For the second month in a row this sector reported a surge in job creation. 19,000 jobs were added in total, which more than doubled the February figures. Within the sector, ambulatory services generated 19,500 jobs, home healthcare added 8,500 jobs and social assistance increased its totals by 7,600. Leading economists continue to remain optimistic about the sector’s employment situation as it enters the second quarter.
Leisure and Hospitality
Quite possibly the nation’s most reliable employer, this sector’s hiring continued to rise steadily in March, as expected. Food services and drinking places employment was particularly strong, rising by 30,400, while accommodations gained 2,700 jobs. In total, 29,000 new jobs were created in March.
Construction
Once again this industry continued its surge by adding 19,000 new jobs to the economy, tripling the previous month’s numbers. In the last 12 months construction has added a total of 151,000 jobs, a solid indicator that the economy is in a sustained recovery.
Temporary Help Services
This steady-as-she-goes sector reported its 14th consecutive month of job creation in March as total employment increased by 28,500. Since March 2013, this sector has had an average of 2.7 million people employed and continues in an upward trend.
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