By Tom Burnett CFA
On March 10, 2023, the Bureau of Labor Statistics released its employment report for the month of February.
Total nonfarm payroll employment increased by 311,000 jobs in February, reaching a total of 155.4 million. Over the past 12 months, the economy has added some 6.0 million jobs. The latest unemployment rate is 3.6%, up from 3.5% in the previous month. The number of unemployed workers is 5.9 million, little changed from one year ago. Compared to that figure, there are 10.8 million jobs on offer (BLS Jobs Openings Report from March 8, 2023).
There was little change in the employment numbers for mining, manufacturing, and oil-gas production during the month.
Average hourly earnings for all workers on nonfarm payrolls rose by $0.08 to $33.09. Over the past 12 months, that figure has grown by 4.6%.
Revisions to the previously reported job figures for December and January led to a reduction of 34,000 jobs in total.
The next Jobs Report will be issued on April 7, 2023.
Tom Burnett CFA is Director of Research