The US labor market recorded a gain of 151,000 jobs in February, highlighting continued momentum in overall employment, according to data released by the Bureau of Labor Statistics (BLS) on March 7. While temporary roles saw an adjustment with a reduction of 12,300 positions, economists view these shifts as part of broader labor market realignments.
As of February, temporary employment stood at approximately 2.5 million, compared to the high of nearly 3.2 million in March 2022. The BLS also revised past data, adjusting January’s decline in temp roles from 12,400 to 10,300, and revising December’s numbers from a drop of 3,000 to a gain of 1,700.
Broader Labor Market Insights
Total nonfarm payroll employment reached around 159.2 million in February, slightly below the 12-month average of 168,000 new jobs per month but indicative of stable job growth. Bloomberg reported that economists had anticipated a gain of 160,000 for the month, putting February’s outcome just shy of expectations.
The temporary help penetration rate, the share of temporary jobs compared to total employment was 1.59% in February, a minor decrease from January’s revised 1.60%.
The national unemployment rate edged up to 4.1% in February from 4.0% in January. For individuals with college degrees, the jobless rate rose slightly to 2.5% from 2.3%.
While employment in the federal government declined by 10,000 jobs, broader impacts from workforce adjustments in that sector are expected to be reflected in the next report.
Some industries saw notable gains in February:
- Healthcare added 52,000 jobs, consistent with its strong average monthly growth of 54,000 over the past year.
- Financial activities posted a notable increase of 21,000 jobs, significantly higher than its 12-month average of 5,000.
- Transportation and warehousing grew by 18,000 roles, reflecting sustained demand in logistics.
- Retail trade, however, saw a slight decline of 6,000 jobs and has shown limited movement over the last 12 months.
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