February Employment Growth Up 41 Percent Over January
Leading Employment and Career Site JobsWeb.com Shares Employment Trends
Atlanta, GA (PRWEB) March 31, 2016
The Economic Situation report released by the Bureau of Labor Statistics on Friday, March 4, 2016, revealed a growth of 242,000 jobs for the month of February, an increase of 41 percent or 70,000 over January's gain of 172,000 jobs.
Unemployment for the month remained at 4.9 percent, or 7.8 million unemployed persons. Over the year, the unemployment rate and the number of unemployed persons has decreased by 0.6 percentage point and 831,000, respectively. Last month, employment gains largely occurred in health care and social assistance, retail trade, food services and drinking places, and private educational services.
The health care and social assistance sector gained 57,400 jobs in February, a 0.30 percent increase over January's gain of 43,800 jobs. Ambulatory care (23,600 jobs), individual and family services (13,900 jobs) and hospitals (10,600 jobs) accounted for the majority of growth. Over the last 12 months, the health care and social assistance sector has gained 634,500 jobs while unemployment has dropped to 2.8 percent from 3.6 percent in February 2015.
Retail trade gained 54,900 jobs last month, a 0.35 percent increase over January's job gain of 15,822,900 jobs. Gains were primarily made in food and beverage stores (15,000 jobs) and other general merchandise stores (13,000 jobs). Over the last 12 months, the sector has added 339,000 jobs.
Food services and drinking places added 40,000 jobs in February. Over the last 12 months, the industry has grown by 359,000 jobs while unemployment has dropped by 2 percent to 6.8 percent.
Private educational services increased by 28,000 in February, after edging down by 20,000 in the prior month.
Losses continued to occur in mining, which lost 19,000 jobs in February. Over the last 12 months, mining has lost 140,400 jobs.
Total nonfarm payroll employment for December and January was revised from 262,000 to 271,000 jobs, and 151,000 to 172,000 jobs, respectively. With these revisions, employment gains in December and January combined were 30,000 more than previously reported.
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