Employers added 151,000 jobs in February – solid hiring growth that was better than January but still below the average monthly gain of 168,000 hires during the last 12 months, the U.S. Bureau of Labor Statistics reported Friday.
Meanwhile, the national unemployment rate ticked up slightly to 4.1% in February. The unemployment rate has fluctuated within a narrow range of 4.0% to 4.2% since May 2024. In January, the national unemployment rate was 4.0%.
During February, employment trended up in healthcare, financial activities, transportation and warehousing, and social assistance. Federal government employment declined by 10,000 in February. However, not all federal worker layoffs carried out under the new Trump administration may be reflected in the February report because thousands of workers their jobs later in that month after survey data had been collected.
Healthcare added 52,000 jobs in February, slightly less than the average monthly gain of 54,000 over the prior 12 months. Job growth continued in ambulatory health care services (+26,000), hospitals (+15,000), and nursing and residential care facilities (+12,000).
Employment in financial activities rose by 21,000 in February, above the prior 12-month average gain (+5,000). Over the month, employment continued to trend up in real estate and rental and leasing (+10,000) and insurance carriers and related activities (+5,000). Commercial banking lost 5,000 jobs.
Transportation and warehousing employment continued to trend up in February (+18,000), above the average monthly gain over the prior 12 months (+13,000). Over the month, job growth occurred in couriers and messengers (+24,000) and air transportation (+4,000).
Employment in social assistance was up in February (+11,000), but the pace was below the average monthly gain over the prior 12 months (+21,000). Over the month, employment continued to trend up in individual and family services (+10,000).
Retail trade employment changed little over the month (-6,000) and has shown little change over the past year. Employment in food and beverage retailers declined by 15,000, largely due to strike activity. Warehouse clubs, supercenters, and other general
merchandise retailers added 10,000 jobs.
Employment showed little change over the month in other major industries, including mining, construction; manufacturing; wholesale trade; information; professional and business services; leisure and hospitality; and other services.
Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3%, to $35.93. Over the past 12 months, average hourly earnings have increased by 4.0%.
The BLS also revised upward the preliminary numbers it had previously reported for December and January. December employment was revised upward by 16,000 from 307,000 to 323,000. However, January’s numbers were revised downward by 18,000 from +143,000 to +125,000. The net result is a loss of 2,000 jobs for the two months combined.
The stock market was down on Friday, but that could have more to do with investors’ fears about the impact of tariffs and trade policy on inflation than the February jobs report.
