Gallup’s March Job Creation Index hit a record high for the third month in a row, according to data published on its website last week.
“The Gallup Job Creation Index rose to +37 in March from +35 in February,” Gallup reported. “This is the third month in a row the index has hit a new record high after remaining relatively flat for much of 2016.”
The index has increased by four points since the start of 2017 — the same increase that occurred throughout all of 2016, Gallup reported, noting that the index “typically rises during the first quarter of the year, with two- to three-point increases seen during this period in most years since 2010.”
The Gallup Job Creation Index is calculated based on the perception of employed adults in the United States on whether their employer is hiring or laying off employees, with results reached “by subtracting the percentage of those who say their employer is cutting jobs from the percentage of those who say their employer is adding jobs.”
Last month, 46% of employees said their company was hiring, up from 44% in February, while the percentage who said workers were being let go held at 9%.
“While the index does not account for the quality or types of jobs added or lost, or whether they are full or part time, it does provide one perspective on general hiring conditions in the U.S.,” Gallup concluded.
In March, the Job Creation Index was strongest in the Midwest (+39), followed by the South (+38) and weakest in the East, with that region scoring +29.
Gallup reported that the Bureau of Labor Statistics’ job creation estimates for January and February “exceeded expectations.”
“Additionally, while currently down from record highs, the stock market has performed well over the past several months, and the Nasdaq composite ended the first quarter of 2017 with its best performance since 2013.”
The poll is based on telephone interviews conducted between March 1-31, 2017 on the Gallup U.S. Daily survey through a random sample of 9,801 adults 18 or older living in all 50 states and D.C. who are employed either part or full time. The margin of error is plus or minus one percent.