The United States Department of Labor Bureau of Labor Statistics releases a monthly report that gives insight into the economy of each census region. The numbers for January through March of 2014 have been released and as experts predicted, the Cleveland economy has continued to grow. Below we’ll take a look at some of the most important numbers, what they mean, and how they’ve changed from January to March.
Civilian Labor Force
At the end of 2014 the labor force in the Cleveland market area consisted of 1,033,100 workers. In January, the workforce jumped to 1,039,300 workers and continued to rise even further to 1,045,400 in February. The preliminary numbers show a slight decrease to 1,032,800 workers in March. Experts explain that this number is normal due to many seasonal employment opportunities coming to an end in February. These number will likely rise again over the next few months as the summer months add additional seasonal opportunities.
Unemployment Rate
The number of people actively collecting unemployment has seen fairly significant drops in the first quarter of 2014. In January the unemployment rate was 8.7%. It fell to 8.1% in February and dropped to 7.2% in March. The drop in unemployment rate can be tied to job creation in various industries within the Cleveland marketplace.
Industries with the largest job position increases in Q1
The industry with the highest job creation in the Cleveland area during the first three months of the year was the government sector. There was an increase from 129,800 government jobs in January to 134,000 in March. Following the government sector was the Educational and Health services industry with an increase in 3200 jobs. Another stand out industry was the Mining, Logging, and Construction industry where there was an increase of 2900 jobs from January to March.
Industries with the biggest percent job increases over 12 months.
The industry that has had the biggest month over year increases according to the latest Bureau of Labor Statistics report is the Mining, Logging, and Construction industry. This industry saw a 4.7 percent increase over the 2013 January numbers, and 11.8 percent over the previous February, and a 12.8 percent increase over March of 2013. The Professional and Business Services industry was also up over the 2013 numbers when it showed 3.4 percent in January and 2.4 percent in February.
So what does this mean?
Now is a great time to be in the market for a job in Cleveland, especially if you’re looking for a job in the manufacturing and construction industry, government sector, or even business and professional services. The unemployment rate is down, and the consumer price index is slightly up proving a recovering economy.
Are you ready to find an exciting new temporary or full-time opportunity in the Greater Cleveland area? Let the experienced Cleveland recruiters at Area Temps help. For over 25 years, Area Temps has been a leading human resource-staffing partner. Contact us today, and you’ll be on the job in no time.
