Economy Adds 379k Jobs
Job hiring exploded in February, surprising many economists with big gains in the hospitality industry according to the Labor Department on Friday. Temporary layoffs fell big time, but unfortunately the long-term unemployed aren’t seeing much help. (BLS)
– Total nonfarm payroll employment rose by 379,000
– The unemployment rate fell 10 basis points to 6.2%
The labor force participation rate remained at 61.4% in February and the number of persons not in the labor force who currently want a job was
essentially unchanged at 6.9 million and is 1.9 million more than last year
– Temporary layoff fell by 517,000 to 2.2 million. This is 1.5 million more than a year earlier but is down considerably from the high of 18.0 million in April 2020.
– The number of permanent job losers, at 3.5 million, was essentially unchanged in February but is 2.2 million higher than a year earlier.
The industries with the biggest gains were leisure and hospitality (+355,000), health care and social assistance(+46,000), and retail (+41,000)
Meanwhile, the industries with the biggest declines were in local and state government (-69,000), construction (-61,000), and mining (-8,000)
NOTE: Telework dropped to 22.7% from 23.3% in January