As 2015 comes to a close, we pulled key data points to illustrate the state of our jobs market.
We found that:
- The unemployment rate in Massachusetts is currently 4.7 percent, which is slightly lower than the national average of 5 percent.
- Throughout the U.S., 211,000 jobs were added to the economy in November, which follows a strong month in October when 298,000 jobs were added – the most in all of 2015.
- The BLS released its Occupational Outlook handbook which predicts that jobs in healthcare and social assistance, professional and business services, leisure and hospitality, and construction will see growth over the next several years, while jobs in manufacturing and federal government will decrease.
- Employers estimate wages will increase by an average of 3 percent in 2016, compared with the average annual increase of 2 percent that we’ve seen for the past five years, according to this Bloomberg article.
- Private-industry employers in New England spend an average of $37.64 per hour worked on employee compensation, compared to the national average of $31.53 per hour worked. Wages and salaries accounted for 70.5 percent of New England employers’ total compensation costs, while benefits accounted for 29.5 percent.
- Nearly half (49 percent) of U.S. employers continue to seek workers with skills in STEM (science, technology, engineering and math) and 55 percent said finding the right talent remains a challenge, according to a recent quarterly survey.