Jobs Report February 2017 — 235,000 Net new Jobs – Average Hourly Earnings Up 2.8 Percent in Past 12 Months to $26.09

The U.S. created 235,000 net new non-farm payroll jobs in February 2017, with a corresponding unemployment rate of 4.7 percent, down from 4.9 percent a year ago. In the 12 months ending February 2017, the U.S. added 2.35 million net new jobs versus 2.60 million a year ago in the same period.

Average hourly earnings have risen 2.8 percent in the past 12-month to $26.09.

The number of unemployed at 7.528 million was down from 7.635 million in January 2017 and off from 7.845 million a year ago, a decline of 317,000 or 4.7 percent.

While the December net new employment number was restated downwards from 157,000 to 155,000, January employment gains were revised upwards from 227,000 to 238,000.

The following graph shows net job gains for the latest 12 months commencing January 2011:

3-10-17 table

 

Other items in the February 2017 jobs report:

  • The Number of Persons Unemployed for Less Than 5 Weeks increased from 2.308 million a year ago to 2.566 million in February
  • Long-Term Unemployed (jobless for 27 or more weeks), made up slightly less than one-in-four of the unemployed (23.8 percent) and fell by 358,000 year-over-year
  • Civilian Labor Force Participation Rate is now 63.0 percent, up ever so slightly from 62.9 percent both a year ago and in January 2017
  • Employment-Population Ratio is now 60.0 percent versus 59.8 percent a year ago – also a slight improvement
  • Number of Persons Employed Part Time for Economic Reasons (also known as involuntary part-time workers) are individuals desiring full-time employment but either had their hours cut back or cannot find a full-time job), now totals 5.704 million, down from 6.019 million a year ago
  • Marginally Attached to the Labor Force (not currently counted in the labor force, want and are available for work and had looked for a job in the prior 12 months) dropped by 80,000 in the past year to 1.723 million. Within that group, 522,000 were classified as Discouraged Workers – persons not currently looking for work because they believe there are no jobs available for them. Discouraged Workers fell by 77,000 in the past 12 months
  • Construction added 58,000 jobs last month (on a seasonally adjusted basis) and is up 177,000 in the past six months
  • Business and Professional Services is up 597,000 jobs year-over-year after adding 37,000 in February
  • Private and Educational Services added 29,000 jobs in February and has grown by 105,000 in the prior 12 months
  • Manufacturing employment grew by 28,0000 in the month and is up 57,000 jobs in the past three months
  • Health Care added 27,000 jobs in February 2017 and has averaged 30,000 new jobs monthly in the past 12 months
  • Mining (includes oil and gas exploration and production) added 8,000 in the month, of which 6,000 were in the mining sector and not oil and gas
  • Retail Trade dropped 26,000 jobs in February after gaining 40,000 in January of this year

To read the entire Bureau of Labor Statistics February 2017 jobs report click https://www.bls.gov/news.release/pdf/empsit.pdf

Ted

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