Jobs Report: Many More Jobs Than Expected–Unemployment Rate Falls

The February employment report is out. The economy added a net 236,000 jobs according to the labor department. The unemployment rate edged down to 7.7%.

According to the Bureau Of Labor Statistics

Among the major worker groups, the unemployment rate for whites (6.8 percent) declined in February while the rates for adult men (7.1 percent), adult women (7.0 percent), teenagers (25.1 percent), blacks (13.8 percent), and Hispanics (9.6 percent) showed little or no change. The jobless rate for Asians was 6.1 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In February, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.8 million. These individuals accounted for 40.2 percent of the unemployed. (See table A-12.)

There are several notables in the report.

  • The number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.8 million which accounted for 40.2% of the unemployed.
  • 8.0 million people working part time because they cannot find full time jobs.
  • There were 885,000 discouraged workers which was down slightly.
  • The average work week for all employees increased by 0.1 hours.
  • Average hourly rate increased by 4 cents to $23.82.
  • Construction increased by 48,000.
  • Professional and business services added 73,000.
  • Employment in administrative and support services, which includes employment services and services to buildings, rose by 44,000.
  • The health care industry continued to add jobs in February (+32,000).
  • Employment continued to trend up in retail trade in February (+24,000).
  • Employment in the information industry increased over the month (+20,000), lifted by a large job gain in the motion picture and sound recording industry.
  • The change in total nonfarm payroll employment for December was revised from +196,000 to +219,000, and the change for January was revised from +157,000 to +119,000.

All in all  this was a solid report. If the sequester is not mitigated it is likely that future unemployment reports will be much less robust.,

LIKE My Facebook PageVisit My Blog: