Total nonfarm payroll employment rose by 151k; Unemployment rate changed little at 4.1%
Both the unemployment rate, at 4.1 percent, and the number of unemployed people, at 7.1 million, changed little in February. The unemployment rate has remained in a narrow range of 4.0 percent to 4.2 percent since May 2024.
The number of people employed part time for economic reasons, increased by 460,000 to 4.9 million in February. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.
The number of people not in the labor force who currently want a job increased by 414,000 to 5.9 million in February. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.7 million, changed little in February. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, decreased by 128,000 to 464,000 in February.
INDUSTRY FOCUS
- Total nonfarm payroll employment rose by 151,000 in February, similar to the average monthly gain of 168,000 over the prior 12 months. In February, employment trended up in health care, financial activities, transportation and warehousing, and social assistance. Federal government employment declined.
- Health care added 52,000 jobs in February, in line with the average monthly gain of 54,000 over the prior 12 months. In February, job growth continued in ambulatory health care services (+26,000), hospitals (+15,000), and nursing and residential care facilities (+12,000).
- Employment in financial activities rose by 21,000 in February, above the prior 12-month average gain (+5,000). Over the month, employment continued to trend up in real estate and rental and leasing (+10,000) and insurance carriers and related activities (+5,000). Commercial banking lost 5,000 jobs.
- Transportation and warehousing employment continued to trend up in February (+18,000), in line with the average monthly gain over the prior 12 months (+13,000). Over the month, job growth occurred in couriers and messengers (+24,000) and air transportation (+4,000).
- Employment in social assistance continued to trend up in February (+11,000), below the average monthly gain over the prior 12 months (+21,000). Over the month, employment continued to trend up in individual and family services (+10,000).
- Within government, federal government employment declined by 10,000 in February
- Employment in retail trade changed little over the month (-6,000) and has shown little net change over the year.
- In February, employment in food and beverage retailers declined by 15,000, largely due to strike activity. Warehouse clubs, supercenters, and other general merchandise retailers added 10,000 jobs. Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; information; professional and business services; leisure and hospitality; and other services.
Source: Bureau of Labor Statistics- The Employment Situation- February 2025