Economists are trying to gauge whether forecasts of a slowing labor market were mistaken or just premature. For now, gains are consistent and strong.
If the economy is slowing down, nobody told the labor market.
Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations even as the unemployment rate rose.
It was the third straight month of gains above 200,000, and the 38th consecutive month of growth — fresh evidence that four years after going into pandemic shutdowns, America’s jobs engine still has plenty of steam.
“We’ve been expecting a slowdown in the labor market, a more material loosening in conditions, but we’re just not seeing that,” said Rubeela Farooqi, chief economist at High Frequency Economics.
Previously reported figures for December and January were revised downward by a total of 167,000, reflecting the higher degree of statistical volatility in the winter months. That does not disrupt a picture of consistent, robust increases.
At the same time, the unemployment rate, based on a survey of households rather than businesses, increased to a two-year high of 3.9 percent. The increase from 3.7 percent in January was driven by people losing or leaving jobs as well as those entering the labor force to look for work.
A more expansive measure of slack labor market conditions, which includes people working part time who would rather work full time, has been steadily rising and now stands at 7.3 percent.
Wage growth slowed slightly in February
Year-over-year percentage change in earnings vs. inflation
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+8%
+6
AVG. HOURLY
EARNINGS
+4.3%
in Feb.
+4
CONSUMER
PRICE INDEX
+3.1%
in Jan.
+2
2019
2020
2021
2022
2023
2024
+8%
+6
AVG. HOURLY
EARNINGS
+4.3%
in Feb.
+4
CONSUMER
PRICE INDEX
+3.1%
in Jan.
+2
2019
2020
2021
2022
2023
2024
The manufacturing sector lost jobs last month
Change in jobs in February 2024, by sector
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+85,000 jobs
Education and health
Leisure and
hospitality
+58,000
+52,000
Government
+23,000
Construction
+18,700
Retail
Business
services
+9,000
Manufacturing
–4,000
+85,000 jobs
Education and health
+58,000
Leisure and hospitality
+52,000
Government
Construction
+23,000
+18,700
Retail
+9,000
Business services
Manufacturing
–4,000
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Source: Economy - nytimes.com
