Employers created 194,000 jobs in September, including 300 in accounting
Employment increased by 194,000 jobs in September, the United States Bureau of Labor Statistics reported on Friday, including 300 in accounting and bookkeeping services, while the unemployment rate fell by 0.4 percentage point to 4.8%, as the economy continues its slow recovery from COVID-19. pandemic.
The main job gains were in the leisure and hospitality sector, as well as professional and business services (where management and technical consulting services, as well as architectural and architectural services). the largest gains were in engineering), retail trade, transportation and warehousing. However, employment in public education declined over the month. Average hourly wages rose 19 cents to $ 30.85 in September, after sharp increases in the previous five months.
Job gains fell short of expectations, with economists at Dow Jones, for example, predicting a gain of 500,000 jobs for the month.
“It failed, but I’m really happy with the numbers we have today,” said Kevin Roeder, vice president of LaSalle Network, a national staffing and recruiting firm specializing in accounting and financial recruiting. “With an unemployment rate of 4.8%, a little higher than what we were before the pandemic of 3.5%, what we are seeing right now is the supply and demand for professional services. , particularly in the fields of accounting and finance. We’re seeing a lot of positions right now, with salaried accountants, senior accountants, controllers, assistant controllers, and cost accountants coming to our desk today from an ordering perspective. We see companies exceeding 20% of offers from a salary perspective. Companies pay more for talent today because they know how difficult it is to get talent. Compensation has increased across the board, especially for direct hires, but we are also seeing it on the contracts side as clients increase budgets for their accounting to earn 6-10,000 more per year for contract employees. .
Demand has encouraged more accountants to change jobs for better wages and working conditions, while employers have gone to much more trouble to retain talented accountants considering a new job offer. “We asked someone to get an offer and the counter offer was 40% more than their base salary,” Roeder said. “We see companies making these kinds of counter-offers more today than in the past. It all comes down to supply and demand right now. Going into the market, they know it will take 60-90 days to fill a position, and instead of going out and paying for whatever resources there may be, they say we’re just going to counter-offer the person to this price to keep it around. “
Separately, CBIZ, one of the top 100 companies, published its monthly Small Business Employment Index Friday, indicating a seasonally adjusted increase of 0.21% in September, a reversal of declines in August, based on trends in payrolls and hiring of more than 3,700 companies with 300 or fewer employees. CBIZ saw stronger hiring in the West, up 2.34%, while the Central region posted relatively stable growth at 0.01%. The Southeast posted modest growth of 0.32% in September, while the Northeast region reported a decline in hiring of -0.51%. On a sectoral basis, the largest increases occurred in educational services, accommodation and food services, transportation, and non-profit organizations. The arts and entertainment, retail and health care sectors, on the other hand, saw hiring declines.
“The September reading, while showing relatively unremarkable growth, is a good sign for hiring small businesses in a month where we are generally seeing a slowdown in hiring,” said the CBIZ executive vice president Philip Noftsinger in a statement. “These findings also demystify some of the earlier theories that increasing unemployment benefits was the main factor behind labor shortages. Going forward, vaccination mandates could contribute to some hiring declines in regions and industries that begin to mandate vaccinations in companies with more than 100 employees. September’s data is reassuring as the holidays approach as we hope to see seasonal growth. “