Total nonfarm payroll employment rose by 678,000 in February, and the unemployment rate decreased to 3.8 percent, representing 6.3 million people, the U.S. Bureau of Labor Statistics reported today. In February 2020, prior to the pandemic, the unemployment rate was 3.5 percent, and the number of unemployed persons was 5.7 million.
Recent job growth was led by gains in leisure and hospitality, professional and business services, health care, and construction.
Employment in leisure and hospitality gained 179,000 in February. Job growth occurred in food services and drinking places (+124,000) and in accommodation (+28,000). Since February 2020, employment in leisure and hospitality is down by 1.5 million, or 9 percent.
Employment in retail trade rose by 37,000 in February, with gains in building material and garden supply stores (+12,000), furniture and home furnishings stores (+6,000), and gasoline stations (+5,000). Retail trade employment is 104,000 above its level in February 2020.
Manufacturing added 36,000 jobs in February. Employment in durable goods industries rose by 20,000, with job gains in fabricated metal products (+11,000), machinery (+8,000), electrical equipment and appliances (+4,000), nonmetallic mineral products (+3,000), furniture and related products (+3,000), and primary metals (+3,000). These gains were partiallyoffset by a job loss in motor vehicles and parts (-18,000). Nondurable goods manufacturing also added jobs over the month (+16,000). Since February 2020, manufacturing employment is down by 178,000, or 1.4 percent.
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Image: Walmart