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5 Things You Should Know from the February Jobs Report

5 things feb job report title

 

We’re almost a third of the way through the year, and the U.S. economy is gearing up for a strong 2017.

Here’s what YOU need to know from the latest BLS jobs report:

235,000 jobs were added in February

This is a near record high for job openings and marks the second consecutive month of strong hiring in 2017. In fact, since the start of December, the economy has averaged 209,000 jobs added per month.

 

 

tgim jobs report-03Construction, private educational services, and manufacturing are seeing the most job growth 

Unseasonably mild winter weather is playing a role in the growth of construction and manufacturing jobs. Construction led the pack in February for job gains, adding 58,000 jobs. Private educational services added 29,000 and manufacturing added 28,000.

 

 

tgim jobs report-05Wages are increasing… slowly

In February, average hourly earnings increased by 6 cents to $26.09 and rose 2.8% from a year earlier. These increases show that the economy continues to hold a slow-but-steady pattern of growth since the recession. Some of the highest wage growth came from lower paying industries, with leisure and hospitality rising 4.2% for the year.

 

 



Participation rate is staying flat

The labor force participation rate is a measure of how many people of working age (16 years +) are currently working or looking for work in the U.S. labor force today. Since 2000, it’s been at historical lows, which means more Americans than ever are not participating in the workforce. Some of the downward trend is due to the generation of baby boomers retiring; however, over the past year the rate has remained flat at 63 percent.

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