Job Market

February 2023 Jobs Report: U.S. Economy Added 311,000 Jobs

The February 2023 Jobs Report saw the unemployment rate edge up slightly to 3.6% in February from 3.4% in January. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 311,000, surpassing expectations and the number of unemployed people increased to 5.9 million.

We continue to see more job openings than unemployed people since May 2021.

The labor force participation rate increased slightly to 62.5% in February from 62.4% in January. Leisure and hospitality, retail trade, government, and health care saw notable job gains in February.

The unemployment rate for college-degreed professionals 25 years and older remained unchanged at 2.0% in February. Job seekers with some college or an associate degree saw an uptick in unemployment from 2.9% in January to 3.2% in February.

Jobs added by industry:

  • Leisure and Hospitality: 105,000 jobs added
  • Retail Trade: 50,000 jobs added
  • Government: 46,000 jobs added
  • Professional and Business Services: 45,000 jobs added
  • Health Care: 44,000 jobs added
  • Construction: 24,000 jobs added

Wage growth rose by 8 cents in February 2023

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents or 0.2% to $33.09. Over the past 12 months, average hourly earnings have increased by 4.6%.

Learn more about the hiring market and salary trends with our free 2023 Management Resource & Salary Guides.

Whether it’s administrative, legal, technology or finance and accounting staff our recruiters can offer you insights and information on the trends that will impact hiring and how you can become an employer of choice. Contact one of our locations today.

Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent and how we can be a resource to you for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.

Sources: BLS, CNBC