The US Bureau of Labor Statistics (BLS) released their monthly overview of the US employment situation and the data for February looks encouraging. The labor department jobs report examines a range of US jobs data to gauge the overall health of the US economy, specifically the number of jobs added, the unemployment rate, and what industries are hiring now.
Before we get to the February jobs report, let’s revisit January’s US job numbers. Last month, the BLS reported that nonfarm payroll employment increased by 225,000 jobs. The unemployment rate rose slightly to 3.6% (approximately 5.9 million professionals). A deeper look at the US jobs data and industries hiring in 2020 showed promising growth in a few areas while others registered no change at all.
The February jobs report showed total nonfarm payroll employment increased by 273,000, unemployment was little changed at 3.5%, and the number of unemployed persons was also little changed at 5.8 million.
Here are some other highlights of the labor department jobs report:
February saw promising growth for a few industries hiring in 2020. Bolstered by gains in physician offices, home health care services, and hospitals, health care and social assistance led the way with 53,000 jobs added in February. We also saw employment growth in government due to an increase in state government education and hiring of temporary workers by the federal government for the 2020 Census. Here are all of the industries that saw growth in February:
Key industries like manufacturing, mining, wholesale trade, retail trade, transportation and warehousing, and information saw little change.
Overall, the labor department jobs report suggests the economy is in good shape. Whether you’re looking for top talent or searching for your dream job, there’s still plenty of opportunity out there, and you can find it on iHire.
For more information on how the BLS tracks and updates US job numbers and calculates the unemployment rate, check out this informative post on FiveThirtyEight.