The Employment Situation in February

From the White House blog

Today’s report from the Bureau of Labor Statistics (BLS) shows that private sector businesses added 246,000 jobs in February. The economy has now added private sector jobs every month for three straight years, and a total of 6.35 million jobs have been added over that period.

While more work remains to be done, today’s employment report provides evidence that the recovery that began in mid-2009 is gaining traction. Today’s report from the Bureau of Labor Statistics (BLS) shows that private sector businesses added 246,000 jobs in February. Total non-farm payroll employment rose by 236,000 jobs last month. The economy has now added private sector jobs every month for three straight years, and a total of 6.35 million jobs have been added over that period.

The household survey showed that the unemployment rate fell from 7.9 percent in January to 7.7 percent in February, the lowest since December 2008. The labor force participation rate edged down 0.1 percentage point to 63.5 percent in February.

It is important to bear in mind that the reference period for today’s surveys was the week of February 10-16 for the household survey and the pay period containing February 12th for the establishment survey, both of which were before sequestration began. The Administration continues to urge Congress to move toward a sustainable Federal budget in a responsible way that balances tax loophole closing, entitlement reform, and sensible spending cuts, while making critical investments in the economy that promote growth and job creation and protecting our most vulnerable citizens.

According to the establishment survey, in February employment rose notably in professional and business services (+73,000), construction (+48,000), health care (+32,000), leisure and hospitality (+24,000), and retail trade (+23,700). Manufacturing gained 14,000 jobs in February. The manufacturing sector has added over half a million jobs over the last 37 months, the most for any such period since 1986. In the last two years the construction sector has added 306,000 jobs, with half of that increase occurring in the last five months. State and local governments lost 10,000 jobs in February, mostly in education. The local government education sector has now lost 340,700 jobs since its recent peak in November 2009.

As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and payroll employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.

Four-Month Rise Strengthens U.S. Job Outlook

Here's some good Friday morning news about the economy and new job growth figures from the New York Times

The American economy added 290,000 jobs in April, a stronger gain than expected, with revised figures making it the fourth straight month of employment growth, the Labor Department said Friday.

Analysts had expected a gain of about 190,000 jobs.

At the same time, however, the unemployment figure rose to 9.9 percent, from the previous 9.7 percent, as more people returned to the job market seeking jobs.

The monthly job report also revised the March gain sharply upward to 230,000, from the previously reported 162,000, and revised February's figures from a loss of 14,000 to a gain of 39,000. With a January gain of 14,000, the cumulative increase came to 573,000 jobs in four months. But the job market still has a long way to go before it can be counted on to provide a base for a sustained economic recovery.

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598,000 Jobs Lost as Jobless Rate Hits 7.6% in January

Breaking News Alert from the NY Times -

WASHINGTON — The country moved into its second year of uninterrupted job losses last month, with companies shedding another 598,000 jobs and the unemployment rate moving up to 7.6 percent, the Labor Department reported on Friday.

Economists had forecast a loss of 540,000 jobs and a unemployment rate of 7.5 percent.

Job losses were once again spread across both manufacturing and service industries, reinforcing the picture of an economy that is contracting at its fastest pace in decades.

Employers in the United States have shed jobs every month since January 2008, for an aggregate decline in payroll employment of 3.2 million.

The Labor Department also revised its numbers from December, saying that the economy lost 577,000 jobs compared with an initial reading of a loss of 524,000.

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