Sep 7, 2016
Star performer in U.S. employment? JLL shines spotlight on tech
U.S. - After a rebound in June and July, volatility returns as 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two...
U.S. – After a rebound in June and July, volatility returns as 151,000 net new jobs were created in August, falling below the 250,000+ monthly additions over the previous two months.
Unemployment once again remained stable at 4.9 percent as growth in the workforce has aligned with employment gains.
Tech is now correcting, but still far outpacing the overall economy.
Throughout 2012 through to early 2016, tech was the star performer of the national economy, posting annual gains in excess of 5.5 or even 6.0 percent consistently.
Talent shortages and the inability to sustain such rapid levels of growth have begun to show up in data, with year-over-year change now at 4.5 percent. Despite this slowdown, tech is still growing 2.6x faster than the overall economy and will remain a critical component of the labor market.
Ongoing tech correction has resulted in the Bay Area no longer being among the fastest-growing labor markets, as depicted in the map above.
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