Economy gains 275,000 jobs, but the unemployment rate climbs to 3.9 %
U.S. Employment Report
The nonfarm payrolls grew 275,000 in February, as faster hiring puts more money in the hands of consumers, what usually leads to an increase in spending, In February the U.S. economy added 275,000 jobs on the seasonally adjusted basis and the jobless rate grew to 3.9 %, from 3.7 %, reported by the Labor Department.
As the year goes on, companies have been hiring at a faster clip as Americans increase spending and consumer confidence rises, economists have seen a steady improvement in the jobs market and recruiting activity. Current report confirms positive trends in the nonfarm payrolls. The number of employed people decreased -0.11 % to 160,97 millions, the temporary help services has lost -15,400 jobs.
At Feb. 2024 Total number of unemployed persons
grew to 6.46 millions, an increase of 334.00
thousands or 5.45 % from Jan. 2024, Unemployment rate
increased to 3.90 %, from 3.70% in previous month.
In February 275,000 nonfarm payrolls were created.
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Labor force
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Average workweek grew in February by 0.29 % to 34.30 hours, an increase of $0.10 from 34.20 in January on the seasonally adjusted basis, the surging retail sector increased hours worked the most to 29.80 hours, the hours worked in durable goods manufacturers fell the most to 40.00 hours, reported by the Labor Department. With modest increase in hourly earnings and growth in hours worked, average weekly earnings increased in the private sector to $1,185.75 from $1,180.58 in the previous month.
The number of employed persons
declined to 160.97 millions by 184.00 thousands or -0.11 % in Feb. 2024.
Total Labor force
increased to 167.43 millions.
Average weekly earnings where $1,185.75 dollars, in Feb. 2024
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Average Weekly Hours of Production
Details of the February report just added to evidence of a sharp deterioration in labor conditions. Unemployment soared by 5.45 % to 6.46 million, an increase of 334,000 from 6.12 in January on the seasonally adjusted basis. The number of people entered the labor force in February matched the natural growth rate of U.S. poulation, the labor force participation rate has held steady at 62.50 %.
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The February employment report showed a slight increase in workers' hourly wages by 0.14 % to $34.57, an increase of $0.05 from $34.52 in January on the seasonally adjusted basis, the hourly earnings in financial sector posted the largest increase to $45.06, the hourly wages in information sector fell the most to $48.85, reported by the U.S. Labor Department. Improving wages are one of the major contributors to the fast rate of hiring since consumption accounts for as much as 70% of U.S. growth. When people have more to spend, business have enough demand for their goods and services to hire more workers.
Construction Industry
grew to 38.90 hours per week, from Jan. 2024; Manufacturing Industry
rose to 39.90 hours per week, Durable goods Industry
fell to 40.00 hours per week, Nondurable goods Industry
remained unchanged.
Average Weekly Hours of Production for private serviceproviding
industry
rose to 33.30 hours per week, from Jan. 2024; Trade, transportation & utilities Industry
grew to 33.90 hours per week, from Jan. 2024 .
Financial activities Industry Average Weekly Hours of Production
moved up to 37.40 hours per week, from Jan. 2024.
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Information Industry Average Weekly Hours of Production
went up to 36.40 hours per week, from Jan. 2024; Professional & business services Industry
increased to 36.40 hours per week, from Jan. 2024;
Education & health services Industry
remained unchanged from Jan. 2024; Leisure & hospitality Industry
advanced to 25.60 hours per week, from Jan. 2024; Other services Industry
grew to 32.30 hours per week, from Jan. 2024.
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Employment
Situation
( in millions or %) |
Feb. 2024
prel. |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Unemployment rate |
|
3.9 % |
3.7 % |
3.7 % |
3.7 % |
3.9 % |
3.8 % |
Number of unemployed persons |
|
6.458 |
6.124 |
6.268 |
6.291 |
6.506 |
6.360 |
Number of Employed persons |
|
160.968 |
161.152 |
161.183 |
161.969 |
161.222 |
161.570 |
Employment/population ratio |
|
60.1 % |
60.2 % |
60.1 % |
60.5 % |
60.2 % |
60.4 % |
Civilian labor force |
|
167.426 |
167.276 |
167.451 |
168.260 |
167.728 |
167.929 |
Participation rate |
|
62.5 % |
62.5 % |
62.5 % |
62.8 % |
62.7 % |
62.8 % |
Civilian noninstitutional
population |
|
267.711 |
267.540 |
267.991 |
267.822 |
267.642 |
267.428 |
Persons who currently want a job outside CLF |
|
5.672 |
5.793 |
5.671 |
5.324 |
5.373 |
5.450 |
EMPLOYMENT BY SELECTED INDUSTRY (Over-the-month change, in thousands) |
|
Feb. 2024 prel. |
Jan. 2024 prel. |
Dec. 2023 prel. |
Nov. 2023 prel. |
Oct. 2023 prel. |
Sep. 2023 prel. |
Nonfarm Payrolls |
|
+275.0 |
+229.0 |
+216.0 |
+199.0 |
+150.0 |
+336.0 |
Total Private Payrolls |
|
+223.0 |
+177.0 |
+164.0 |
+150.0 |
+99.0 |
+263.0 |
Goods-producing Payrolls |
|
+19.0 |
+24.0 |
+22.0 |
+29.0 |
-11.0 |
+29.0 |
Mining & logging |
|
- |
-3.0 |
-1.0 |
-1.0 |
+1.0 |
+1.0 |
Construction |
|
+23.0 |
+19.0 |
+17.0 |
+2.0 |
+23.0 |
+11.0 |
Manufacturing Payrolls |
|
+3.0 |
+2.8 |
+2.9 |
+2.9 |
+2.9 |
+3.1 |
Durable goods |
|
+2.0 |
-1.0 |
+8.0 |
+36.0 |
-36.0 |
+13.0 |
Motor vehicles and parts |
|
-0.4 |
+2.4 |
-2.1 |
+30.0 |
-33.2 |
+8.9 |
Nondurable goods |
|
-6.0 |
+9.0 |
-2.0 |
-8.0 |
+1.0 |
+4.0 |
Private service-providing Payrolls |
|
+204.0 |
+153.0 |
+142.0 |
+121.0 |
+110.0 |
+234.0 |
Wholesale trade |
|
-1.2 |
-3.3 |
+5.5 |
+8.3 |
+9.4 |
+11.7 |
Retail trade |
|
+18.7 |
+15.2 |
+17.4 |
-38.4 |
+0.7 |
+19.7 |
Transportation and warehousing |
|
+19.7 |
-28.9 |
-22.6 |
-5.0 |
-12.1 |
+8.6 |
Information |
|
+2.0 |
+6.0 |
+14.0 |
+10.0 |
-9.0 |
-5.0 |
Financial activities |
|
+1.0 |
-1.0 |
+2.0 |
+4.0 |
-2.0 |
+3.0 |
Professional and business services |
|
+9.0 |
+40.0 |
+13.0 |
-9.0 |
+15.0 |
+21.0 |
Temporary help services |
|
-15.4 |
-1.2 |
-33.3 |
-13.6 |
+6.6 |
-4.2 |
Education and health services |
|
+85.0 |
+107.0 |
+74.0 |
+99.0 |
+89.0 |
+70.0 |
Health care and social assistance |
|
+90.7 |
+86.6 |
+58.9 |
+93.2 |
+77.2 |
+65.9 |
Leisure and hospitality |
|
+58.0 |
+8.0 |
+40.0 |
+40.0 |
+19.0 |
+96.0 |
Other services |
|
- |
- |
- |
- |
- |
- |
Government Payrolls |
|
- |
- |
- |
- |
- |
- |
Civilian labor force
is the sum of employed and unemployed persons. |
|
Unemployment Rate
is the number unemployed as a percent of the labor force. |
|
Labor force participation rate
is the
labor force as a percent of the population. |
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Employment-population ratio
is the employed as a percent of the population. |
Average weekly hours of production by Industry |
Feb. 2024
prel. |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total private |
|
34.30 |
34.20 |
34.30 |
34.40 |
34.30 |
34.40 |
Goods producing |
|
39.70 |
39.40 |
39.70 |
39.90 |
39.80 |
39.80 |
Natural resources &
mining |
|
45.00 |
44.60 |
45.50 |
45.20 |
44.50 |
45.10 |
Construction |
|
38.90 |
38.50 |
39.10 |
39.30 |
39.10 |
39.00 |
Manufacturing |
|
39.90 |
39.80 |
39.80 |
40.00 |
40.00 |
40.10 |
Overtime hours |
|
- |
- |
- |
- |
- |
- |
Durable goods |
|
40.00 |
42.60 |
38.10 |
70.40 |
7.20 |
49.50 |
Nondurable goods |
|
39.10 |
39.10 |
39.00 |
39.40 |
39.30 |
39.20 |
Private serviceproviding |
|
33.30 |
33.10 |
33.30 |
33.30 |
33.20 |
33.30 |
Trade, transportation
& utilities |
|
33.90 |
33.60 |
33.90 |
34.10 |
33.80 |
33.90 |
Wholesale trade |
|
39.10 |
38.90 |
38.90 |
38.80 |
38.50 |
38.80 |
Retail trade |
|
29.80 |
29.40 |
29.70 |
30.30 |
29.70 |
29.80 |
Transportation & warehousing |
|
38.00 |
38.10 |
38.40 |
38.10 |
38.20 |
38.30 |
Utilities |
|
42.30 |
42.20 |
42.00 |
41.80 |
41.70 |
41.80 |
|
|
|
|
|
|
|
Information |
|
36.40 |
36.30 |
36.70 |
36.00 |
36.40 |
36.30 |
Financial activities |
|
37.40 |
37.30 |
37.40 |
37.40 |
37.30 |
37.40 |
Professional & business
services |
|
36.40 |
36.30 |
36.40 |
36.50 |
36.30 |
36.50 |
Education & health
services |
|
33.20 |
33.20 |
33.30 |
33.20 |
33.20 |
33.30 |
Leisure & hospitality |
|
25.60 |
25.40 |
25.60 |
25.50 |
25.50 |
25.60 |
Other services |
|
32.30 |
32.20 |
32.30 |
32.30 |
32.20 |
32.40 |
Average hourly earnings ($) |
Feb. 2024
prel. |
Jan. 2024
prel. |
Dec. 2023
prel. |
Nov. 2023
prel. |
Oct. 2023
prel. |
Sep. 2023
prel. |
Total private |
|
34.57 |
34.52 |
34.27 |
34.10 |
34.00 |
33.88 |
Goods producing |
|
35.11 |
35.07 |
34.90 |
34.76 |
34.51 |
34.45 |
Natural resources &
mining |
|
39.32 |
39.15 |
38.81 |
38.60 |
38.42 |
38.35 |
Construction |
|
37.53 |
37.56 |
37.24 |
37.18 |
37.00 |
36.85 |
Manufacturing |
|
33.40 |
33.33 |
33.25 |
33.07 |
32.79 |
32.79 |
Overtime hours |
|
- |
- |
- |
- |
- |
- |
Durable goods |
|
35.19 |
35.10 |
34.97 |
34.69 |
34.39 |
34.31 |
Nondurable goods |
|
30.27 |
30.26 |
30.25 |
30.28 |
30.03 |
30.15 |
Private serviceproviding |
|
34.44 |
34.39 |
34.13 |
33.95 |
33.88 |
33.75 |
Trade, transportation
& utilities |
|
29.71 |
29.71 |
29.49 |
29.34 |
29.26 |
29.27 |
Wholesale trade |
|
37.39 |
37.24 |
37.13 |
37.23 |
37.09 |
37.27 |
Retail trade |
|
24.17 |
24.22 |
24.33 |
24.14 |
24.05 |
24.09 |
Transportation & warehousing |
|
30.57 |
30.51 |
29.84 |
29.66 |
29.58 |
29.36 |
Utilities |
|
50.75 |
50.77 |
49.78 |
50.44 |
50.19 |
50.19 |
|
|
|
|
|
|
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Information |
|
48.85 |
49.08 |
49.44 |
48.56 |
48.32 |
48.14 |
Financial activities |
|
45.06 |
44.81 |
44.54 |
44.44 |
44.21 |
44.16 |
Professional & business
services |
|
41.53 |
41.43 |
41.29 |
41.03 |
40.94 |
40.67 |
Education & health
services |
|
- |
- |
- |
- |
- |
- |
Leisure & hospitality |
|
21.79 |
21.67 |
21.60 |
21.55 |
21.36 |
21.27 |
Other services |
|
31.26 |
31.20 |
30.51 |
30.27 |
30.33 |
30.08 |
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