The U.S. Bureau of Labor Statistics released its most recent employment statistics for February data. At the start of the year, we saw significant gains in employment. Although the unemployment rate has ticked up to 3.6% from 3.4%, there are still signs of a booming job market, especially for candidates. In February, the U.S. added 311,000 jobs. This was a third higher than experts predicted. For our industry specifically, we also saw significant gains. Professional and business services increased by an average of 35,000 per month for the last half year.
There is also promising news from the Fed on the CPI rate that was just released, which cooled as expected. According to CNN, “It’s the eighth consecutive month that the annual [inflation] rate has declined, and marks the lowest level since September 2021.” This could mean that inflation is slowing down.
Employment Rates from February for Professional Services
Wages also rose in February, as well. Hourly earnings rose 0.2% per month and 4.6% for the year. It is also important to note that some of this data were overshadowed by the collapse of Silicon Valley Bank, or SVB, on Friday. SVB’s collapse was the largest bank failure since the 2008 financial crisis.
Whether your company needs a full-service business advisor or support in specific areas, APC customizes an efficient, cost-effective solution to facilitate strategic goals. And while you’re here, don’t forget to view all of APC’s thought-leadership pieces, which cover a range of informational articles for both employers and professionals on topics like resume help, a study on the Great Resignation, top tech hiring trends this year, and more!
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Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.
