With the unemployment rate remaining static at 4.9%, and the total nonfarm payroll employment having increased by 242,000 throughout the month of February, the U.S. job market maintains its momentum toward economic recovery.
According the Bureau of Labor Statistics, the U.S. economy has added an average of 228,000 jobs per month in the last 3 months. The sectors that experienced the most significant job growth last month include health care and social assistance, retail trade, food services and private educational services.
Though average hourly earnings decreased by 0.1% in February, it has risen 2.2% over the last year. Additionally, the average workweek for employees of private nonfarm payrolls dropped to 34.4 hours last month.
Regarding February’s unemployment trends, the number of unemployed remained unchanged at 7.8 million. Throughout the past year, the number of unemployment persons in the U.S. has decreased by 831,000.
While there was a brief spike in unemployment benefits filed during late February, the 18% drop in layoffs and continual growth in employment opportunities indicates a progression toward job market resiliency.