The Bureau of Labor Statistics (BLS) reports that U.S. employers added 275,000 jobs in February, exceeding economists’ expectations of about 200,000 jobs.
The BLS also notes that employers added 167,000 fewer positions during December 2023 and January 2024 than previously reported.
The national unemployment rate was 3.9% in February, up from 3.7% in January. Prior to last month, the rate had held steady since November 2023.
The unemployment rate for college-degreed workers who are 25 or older also increased slightly in February, rising to 2.2%. In January, the rate was 2.1%. These professionals are the most highly sought-after by employers.
The BLS reports that employers in private education and health services added 85,000 jobs last month. The leisure and hospitality industry saw a significant rise in employment in February as well, with employers expanding payrolls by 58,000 jobs.
The following industries also reported notable job gains last month:
Government: 52,000 jobs added
Construction: 23,000 jobs added
Transportation and warehousing: 19,700 jobs added
Retail trade: 18,700 jobs added
Professional and business services: 9,000 jobs added
Job opening levels in the United States continue to trend above historic and pre-pandemic levels, signaling a pent-up demand for skilled talent. Separate data from the BLS shows that there were 8.9 million job openings in the U.S. at the end of January. That figure is a slight decline from the 9 million job openings the BLS reported for December.
In a recent Robert Half survey, 42% of employers said that the lack of candidates applying for open roles is one of their top hiring challenges. And well over half of the respondents (58%) reported that it’s taking longer for their organization to hire for open roles compared with one year ago.
Our workplace research also indicates that while many professionals are carefully evaluating new opportunities, they are less likely to quit their current roles. Only 36% of workers we surveyed said they plan to look for a new job right now compared with 49% in mid-2023.
Read the latest issue of Robert Half’s Demand for Skilled Talent report to get details on in-demand positions for several industries including finance and accounting, technology, legal, and administrative and customer support. Learn about U.S. hiring and employment trends in 2024, strategies to attract and retain top talent, and common hiring mistakes and how to avoid them.
View The Demand for Skilled Talent report now on the Robert Half website.
The 2024 Salary Guide From Robert Half features exclusive data and input from employers and workers, and from our recruiters who staff tens of thousands of jobs each year.
Our guide is designed to be a go-to resource on the latest hiring and compensation trends for both employers and job seekers. And you can view it right now, for free, on the Robert Half website.
Read the 2024 Salary Guide
See this video featuring Robert Half Operational President Dawn Fay for further analysis of the February 2024 jobs report, along with tips for employers and job seekers.
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