What is U.S. Unemployment Rate for March 2017?
According to the U.S. Bureau of Labor Statistics (BLS) the U.S. national unemployment rate (seasonally adjusted) for March 2017 is 4.5%. This is a decrease of 0.2% from February 2017 (4.7%).
What is the average U.S. Hourly Wage as of March 2017?
According to the U.S. Bureau of Labor Statistics (BLS) the U.S. average hourly wage (all private, nonfarm, seasonally adjusted) as of March 2017 is $26.14. This is an increase of $0.05 from February 2017.
Source2's Employment Outlook
The U.S. economy continues to add jobs at a rate that keeps outpacing expectations. Payroll firm ADP shows that 263,000 jobs were added in to the U.S. private sector in March beating expectations by over 70,000 jobs.
For an economy considered to be at full employment by many, including Source2, where is the available pool of labor coming from?
We believe there are some insights to be found in the labor participation rate. Two statistics we review are the employment-to-population participation rate, which is currently slightly above 60%, but still off the all time high of 67% in 2001, and the prime age labor force participation rate, the percentage of population age 25-54 that is working, which is currently at 88%. We think there is still some untapped participation available, but wages will continue to rise as the last “available” and potential employees rejoin the workforce. Be prepared for higher wage demands and to be creative in retaining employees as the cost of turnover may higher than you may think.
About the Report
Source2’s Monthly U.S. Unemployment Rate & U.S. Average Hourly Wage report makes it easy to quickly see the latest numbers from the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) surveys. Click here to download an excel spreadsheet with three-years of data in cell and chart formats, or click here for a one-page pdf snapshot to print and share.
U.S. Unemployment Rate (Seasonally Adjusted) http://data.bls.gov/timeseries/LNS14000000
U.S. Average Hourly Earnings - All Private, Nonfarm (Seasonally Adjusted) http://www.bls.gov/news.release/empsit.t19.htm
The Employment Situation - March 2017 https://www.bls.gov/news.release/empsit.nr0.htm
ADP Employment Reports http://adpemploymentreport.com/
U.S. Prime Age Labor Force Participation https://data.bls.gov/timeseries/LNS11300061
Cliff Edahl is Executive Vice President of Source2, and is responsible for business development. Cliff has extensive expertise in high-volume talent acquisition solutions for voice/data infrastructure, utility, fabrication, healthcare, and government entities. Schedule a free consultation with Cliff today.