Employers added 311K jobs in February, however accounting misplaced 500 jobs

Employers added 311K jobs in February, however accounting misplaced 500 jobs

Employment rose by a sturdy 311,000 jobs in February — beating analyst expectations of round 225,000 — however the unemployment charge nonetheless rose two-tenths of some extent to three.6%, the U.S. Bureau of Labor Statistics reported Friday. 

The skilled and enterprise providers sector added a complete of 45,000 jobs final month, however there have been 500 jobs fewer in accounting, tax preparation, bookkeeping and payroll providers, offset by a achieve of 12,000 in administration, scientific and technical consulting providers. Employment in skilled and enterprise providers has elevated by a mean of 35,000 jobs a month over the prior six months.

The largest job positive factors final month occurred in leisure and hospitality, retail commerce, authorities, and well being care. Employment fell in data providers and within the transportation and warehousing industries.

Final month, common hourly earnings rose by 8 cents, or 0.2%, to $33.09. Over the previous 12 months, common hourly earnings have elevated 4.6%.

Regardless of the lack of 500 jobs in accounting, tax prep, bookkeeping and payroll final month, there’s nonetheless sturdy demand for accountants, particularly throughout tax season, and most accountants are capable of finding jobs. LaSalle Community, a Chicago-based employment company, not too long ago collected data from 650 accounting and finance professionals and located 78% of those that are job looking are employed, and practically 30% of these job looking have “senior,” “supervisor” or “director” of their title.

“What it says to us is that the financial system remains to be very wholesome, from the standpoint {that a} third of the working accounting inhabitants in administration is open to searching for a brand new position,” mentioned LaSalle Community CEO Tom Gimbel. “When you will have individuals at a manager- or director-level title which are open to searching for a brand new position, they are not afraid of being the low man on the totem pole. That signifies a really wholesome market. We have now not seen a slowdown in our accounting and monetary staffing and hiring teams.”

The U.S. Division of Labor

Andrew Harrer/Bloomberg

He believes most corporations have to work to retain their present employees.

“Even earlier than methods to rent new employees, if you cannot retain what you will have, you are simply going to show right into a turnover machine,” he warned. “The important thing factor to retain your employees is to offer them with ongoing studying and improvement … . The extra training and cross-training you can provide these people, the extra loyal and glued to the corporate they change into.”