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Driven by the digitization of the workplace, as well as the growing trend of flex schedules and desires for mobility, changes in space utilization offer law firms the opportunity to dramatically lower costs. Learn more at: http://bit.ly/1E9lKdZ

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The 313,000 net new jobs created in February represented the highest monthly level of job creation since mid-2016. Growth was found throughout the labor market, with goods-producing sectors such as construction, retail and manufacturing in particular holding firm and, in the case of retail trade, rebounding after months of losses. Gains were also possible as a result of a sharp increase in labor-force expansion, which boosted labor force participation and kept unemployment at 4.1 percent rather than declining further.

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December 2017 saw 148,000 net new jobs added to the national labor market, below consensus figures but still healthy. Unemployment held steady at 4.1 percent and is expected to stay flat or decline in the absence of meaningful improvements in labor force participation or accelerated expansion of the labor force. A combination of widespread positive fundamentals, from consumer spending to business investment, is keeping the outlook for 2018 optimistic.

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Monthly employment growth surpassed the 200,000-mark for a second consecutive month in November, adding 228,000 jobs and countering hurricane-related pauses earlier in the year. Importantly, job growth is still taking place faster than the labor force is capable of expanding and with the participation rate not increasing, placing pressure on employers in primary, secondary and tertiary markets to expand their headcount.

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October saw 261,000 net new jobs added, a rebound from a weak September hit with two hurricanes and an initially negative employment growth figure. Revisions brought September back to positive territory, however, extending the expansionary streak to 84 consecutive months of growth. Although unemployment has fallen to 4.1 percent, wage growth has yet to meaningfully improve, remaining below the 3.0-percent threshold and with most industries seeing a slowdown the rate of annual earnings growth.

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The national labor market saw 156,000 net new jobs added in August, a solid figure but below expectations. Additionally, previous months registered downward revisions to job growth, muting some of the rebound witnessed during the summer. Continuing a trend that has intensified in recent quarters, a lack of skilled workers combined with minimal unemployment and external difficulties such as housing affordability in tech hubs have significantly slowed tech growth over the year. Even with inconsistent inflation, sustained job growth could likely encourage another Federal Reserve rate hike in the near term.

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