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.
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Sources: BLS, CNBC
