By Tom Burnett CFA
On March 8, 2024, the Bureau of Labor Statistics released its Employment Report for February. Total nonfarm payroll employment increased by 275,000 to a total of 157.8 million. The unemployment rate rose from 3.7% to 3.9%. The number of workers seeking employment was 6.5 million, a smaller number than the 8.9 million job openings as shown in the March 6, 2024 Openings Report. Over the past 12 months, new job totals have averaged 230,000 per month.
Revisions to previous reports totaled a decline 167.000 jobs for the December-January period.
Average hourly compensation for nonfarm payrolls rose $0.05 to $34.57 in February, up 4.3% from the prior year.
The next Employment Report will be issued on April 5, 2024.
Tom Burnett CFA is Director of Research