WASHINGTON, D.C. — The U.S. economy saw the addition of 275,000 nonfarm payroll jobs in February, according to the Bureau of Labor Statistics (BLS). This figure exceeds the expectations of Dow Jones economists, which CNBC reports was an increase of 198,000 jobs. The report follows chair of the Federal Reserve Jerome Powell describing the job market as “relatively tight” earlier this week.
February’s employment figures are now marginally lower than those of December 2023, which were revised down by 43,000, from 333,000 to 290,000. The BLS also revised down January’s numbers by a more drastic 124,000 jobs, from 353,000 to 229,000.
Of the 275,000 jobs added in February, 223,000 were in the private sector. Government employment rose by 52,000, roughly equivalent to the average monthly gain of 53,000 over the prior 12 months.
Healthcare and food services and drinking places saw significant increases, with the addition of 67,000 and 42,000 jobs, respectively. The social assistance sector added 24,000 jobs in February, and transportation and warehousing employment rose by 20,000.
In the retail trade, change was minimal overall. Merchandise, health and personal care and automotive retail contributed to the overall addition of 19,000 jobs, while losses occurred in the realm of building material and garden equipment and supplies dealers and electronics and appliance retailers.
Unemployment rose last month as well, reaching 3.9 percent, a slight increase relative to the previous two months, wherein the unemployment rate was 3.7 percent. This is the highest the rate has been since January 2022.