February Labor Report: Economy Continues to Exceed Expectations
The U.S. labor market added 275,000 new jobs in February, according to the Bureau of Labor Statistics. This number exceeds economist predictions of around 200,000 additional roles. The unemployment rate increased slightly to 3.9% compared to last month’s 3.7%. The industries that grew the most in February were healthcare and government.
Healthcare added a whopping 67,000 new jobs this past month. The number of new roles exceeds the monthly average of 58,000 new roles over the last 12 months.
Government saw 52,000 new roles added in February, which falls in line with the 12-month average of 53,000 new jobs each month.
Leisure and hospitality saw significant gains with 58,000 new jobs added, while professional and business services gained 9,000 new roles in February.
With the first two months of the new year having exceeded economist predictions, signs continue to point to a strong labor market in 2024.
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Download the February Labor Report
Source: February 2024 Monthly Jobs Report, Bureau of Labor Statistics
