Workforce Weekly: Week 15
Let’s Talk Employment
- The Austin-Round Rock area in Texas and the Denver-Aurora-Lakewood area in Colorado tied for 1st place for reaching February’s lowest unemployment rate. Both areas came in at 3.1% beating all other US metropolitan areas with populations of 1 million or more.
- Staffing employment in March 2016 was 1.9% higher than in March 2015 and year-to-year staffing job growth averaged 3.5% per month over the past 12 months.
- The Conference Board’s US employment trends index fell to 127.48 in March from February’s downwardly revised reading of 128.54. The March 2016 reading is up 1.1% from March 2015.
- Construction employment for March was up 4.7% from one year ago, totaling 6.67 million – the highest we’ve seen since December 2008. This more than doubled the rate of increase for total nonfarm payroll employment since March 2015.
- The number of US temp jobs rose by 4,000 in March after experiencing month-over-month declines since December. The temp penetration rate — temp jobs as a percent of total employment — edged down to 2.011% in March from 2.012% in February.
Give Me the Numbers
What Else Did I Miss?
- On April 5th, governors from California and New York signed legislation that will eventually increase their minimum wage to $15 per hour.
- The Royal Bank of Canada’s Canadian manufacturing purchasing managers’ index rose to 51.5 in March, up from 49.4 in February and above the 50-point no-change level for the first time in eight months. Although pointing to only a moderate improvement in business conditions, the index was the highest since December 2014.
- US employees’ concerns about being laid off have reached a new low since Q4 2014. Today, 14% of employees report they are concerned they could be laid off in the next 6 months compared to 26% in Q1 2009.
- March marks the 1st expansion for the US manufacturing sector in six months with an index reading of 51.8, up from 49.5 in February.