February Jobs Report: US Adds 275,000 Jobs

The United States saw the addition of 275,000 jobs in February, marking a significant contribution to the labor market, albeit with a slight uptick in the unemployment rate to 3.9%. This performance underscores the dynamic nature of job growth across various sectors.

Is the U.S. job market expanding?

February 2024 demonstrated a robust increase in employment, with 275,000 jobs added, surpassing the average monthly gain of 230,000 over the previous year. This growth, however, was accompanied by a minor increase in the unemployment rate from 3.7% to 3.9%.

U.S. unemployment rates by group:

• Adult women: 3.5%
• Adult men: 3.5%
• Teenagers: 12.5%
• Whites: 3.4%
• Blacks: 5.6%
• Asians: 3.4%
• Hispanics: 5.0%

Key employment statistics for February 2024:

• The number of discouraged workers, those not actively searching for work because they believe no jobs are available for them, remained relatively stable at 425,000.
• Average hourly earnings for all employees on private nonfarm payrolls saw a modest increase of 5 cents to $34.57, reflecting a 4.3% rise over the past year.
• Government employment experienced a notable rise by 52,000 in February, maintaining its growth trend with significant contributions from local and federal levels.

Sectors with significant job growth in February:

Healthcare

The healthcare sector continued its upward trajectory, adding 67,000 jobs in February, with ambulatory health care services, hospitals, and nursing and residential care facilities leading the gains. This sector’s growth is indicative of the ongoing demand for healthcare services.

Government

Government employment saw a substantial increase, with 52,000 jobs added in February. This growth was evident in both local government and federal government sectors, highlighting the public sector’s role in the job market’s expansion.

Food Services and Drinking Places

This sector rebounded with an addition of 42,000 jobs in February, after a period of stagnation, reflecting the resilience and recovery of the hospitality industry.

February Jobs Report Summary

The February jobs report highlights a positive outlook for the U.S. labor market, with substantial job additions and a slight increase in the unemployment rate.

The growth across diverse sectors, from healthcare to government and food services, reflects the economy’s resilience and the varied opportunities for employment.