- The U.S. unemployment rate was 3.9% in February, according to the Bureau of Labor Statistics.
- Friday's release also revealed that the company added 275,000 jobs, more than expected.
- Average hourly wages in February also increased by 4.3% compared to the same month last year.
Employment growth in February was strong and in line with January's revised employment growth.
The U.S. added 275,000 jobs, according to a Friday news release from the Bureau of Labor Statistics. During February. This exceeded the expected number of 198,000 people. This was also higher than January's revised figure of 229,000 people. The advance forecast for January was 353,000, as stated in a news release issued in February.
Additionally, the December job increase of 333,000 listed in the February release has been updated to 290,000. In a new report.
The unemployment rate rose to 3.9% in February from 3.7% in January, according to a Friday news release. This rate was expected to be 3.7%.
Additionally, the new data release states that average hourly wages increased by 4.3% from February 2023 to February of this year.
The Bureau of Labor Statistics also released job openings and other data for January earlier this week. The number of job openings in January was 8.9 million, down 26,000 from December's level. The number of employees eventually declined, from about 5.8 million to 5.7 million. The number of people leaving the company also decreased, with the retirement rate dropping from 2.2% in December to 2.1% in January of this year. This is also well below the recent high of 3.0% set in April 2022.
“Once high turnover rates continue to decline and are now below pre-pandemic levels. “It could be a sign that both workers are becoming less confident in their prospects of finding a new job, and that their retirement rates continue to decline,” said Nick Bunker, director of economic research for North America at Indeed Hiring Lab. he said in a written commentary.
This is a developing story. Please check back for the latest information.
