The March 2024 Jobs Report shows the unemployment rate rose slightly to 3.9% in February, compared to 3.7% in January. This is the 25th 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 275,000, which was more than expected. The number of unemployed people increased to 6.5 million, compared to 6 million one year ago.
The unemployment rate for college-degreed professionals 25 years and older ticked up slightly to 2.2%, compared to 2.1% in January. The unemployment rate for job seekers with some college or an associate degree decreased from 3.3% to 3.1%.
The labor force participation rate was 62.5% for the third consecutive month. The employment population ratio showed slight change to 60.1%. In February, employment trended up in the categories of health care, government, food services and drinking places, social assistance, and transportation and warehousing.
Jobs added by industry:
- Health Care: 67,000 jobs added
- Government: 52,000 jobs added
- Social Assistance: 24,000 jobs added
- Retail Trade: 19, 000 jobs added
- Employment showed little change over the month in other major industries, including the categories of Manufacturing; Information; Financial Activities; and Professional and Business Services.
Wage Growth Increases Slightly
In February, average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents to $34.57, following an increase of 18 cents in January. Average hourly earnings were up by 0.1% in February and 4.3% over the year.
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.
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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, CNBC
