The U.S. legal services sector lost 600 jobs in March, new Labor Department figures showed on Friday, marking the first monthly employment decline for the industry since September.
Legal sector jobs totaled 1,180,900 last month, according to preliminary seasonally adjusted data released by the U.S. Bureau of Labor Statistics. The count includes lawyers, paralegals and other legal professionals.in March, pushing the unemployment rate down to 3.5%. The continued tightness of the labor market could lead to the Federal Reserve hiking interest rates again next month.
Legal employment has declined by 7,000 jobs since reaching an historic high in July, Labor Department statistics show. U.S. law firms bulked up in 2021 and 2022 to take advantage of a unusually high client demand for advice on corporate deals and other legal work. After dropping in August and September, the number of jobs in the U.S. legal sector has stayed relatively flat or risen slightly month-over-month.
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