The February 2024 Jobs Report shows the unemployment rate was unchanged for the third month in a row at 3.7% and it is the 24th consecutive month the unemployment rate has remained below 4.0%. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 353,000 which was stronger than expectations. The number of unemployed people is also relatively unchanged at 6.1 million.
The unemployment rate for college-degreed professionals 25 years and older has remained unchanged since October 2023 at 2.1%. Job seekers with some college or an associate degree increased to 3.3% from 3.1% in December 2023.
The labor force participation rate was unchanged in January holding steady at 62.5%. The employment population ration showed slight change at 60.2%. In January, employment trended up in professional and business services, health care, retail trade, and social assistance. Payroll increased an average of 255,000 per month in 2023. Professional and Business Services saw a large jump from the average gain of 14,000 jobs per month in 2023.
Jobs added by industry:
- Professional and Business Services: 74,000 jobs added
- Health Care: 70,000 jobs added
- Retail Trade: 45,000 jobs added
- Government: 36,000 jobs added
- Social Assistance: 30,000 jobs added
- Manufacturing: 23,000 jobs added
- Information: 15,000 jobs added
Wage growth rose by 19 cents in January 2024
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 19 cents or 0.6% to $34.55. Over the past 12 months, average hourly earnings have increased by 4.5%.
Reimagining how we hire and retain employees.
The hiring market remains challenging and finding and retaining employees continues to be top of mind for many employers. At Roth Staffing Companies, we are reimagining how we hire and how employees stay engaged by leveraging our new strengths finder tool, TalentSet, powered by The Coffman Organization. TalentSet uncovers one’s top talents and gives insight to what motivates someone or drives momentum, something you can’t uncover from a resume or online profile.
Find more U.S. hiring, labor market, and salary trends with our 2024 Salary Guide
Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring including company culture and the balance of generations in the workforce and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S.
Download our Salary Guide
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.
Sources: BLS, CNN, CNBC
