Saturday, March 9, 2024

US Jobs Report February 2024

By BLS 3/9/24 

This report is preliminary and will be revised.  This report counts the additions to payroll on ADP and others that offer payrolling services. These numbers will be compared with payroll tax receipts received in 30 days from all employers and revised.

https://www.bls.gov/news.release/empsit.nr0.htm

The average work week moved from 34.1 to 34.3 hours in February 2024.

Job openings declined from 8.89 million to 8.86 million in February 2024.

https://apnews.com/article/economy-job-openings-unemployment-inflation-federal-reserve-d29862f5f20870e9e392162605e33d21

Jobs restored from the Covid years were 7.2 million in 2021

Jobs created in 2022 were 4.5 million. Jobs created in 2023 were 3.1 million..

https://apnews.com/article/jobs-hiring-unemployment-economy-inflation-federal-reserve-96162ff805670eb19a44cdf67fa20e3e

The report shows jobs added in 2021, 2022, 2023 and 2024 by month

275000 in February 2024

353000 in January 2024 rev to 229000

158000 in December 2023 rev to 290000

199000 in November 2023

150000 in October 2023

336000 in September 2023

187000 in August 2023

187000 in July 2023

185000 in June 2023 rev dn 24000

314000 in May 2023 rev dn 25000

253000 in April 2023

236000 in March 2023

311000 in February 2023

517000 in January 2023

3033000 in 2023

 

223000 in December 2022

263000 in November 2022

261000 in October 2022

263000 in September 2022

315000 in August 2022

528000 in July 2022

372000 in June 2022

390000 in May 2022

428000 in April 2022

431000 in March 2022

678000 in February 2022

467000 in January 2022

4620000 in 2022

 

199000 in December 2021

210000 in November 2021

531000 in October 2021

194000 in September 2021

235000 in August 2021

943000 in July 2021

850000 in June 2021

559,000 in May 2021

278,000 in April 2021 

785,000 in March 2021

379,000 in February 2021

49,000 in January 2021

5212000 in 2021

12855000 total 2021-2023

 

BLS Jobs Report February 2024 

Total nonfarm payroll employment increased by 275,000 in February 2024 and the unemployment rate increased from 3.7% to 3.9%. The number of unemployed persons moved from 6.1 to 6.5 million. Permanent job losers grew by 174,000 to 1.7 million. The Labor Participation rate remained at 62.5.

There were 5.7 million actively seeking jobs.

Health care jobs increased by 67,000 in February and is above February 2020 levels.

Government jobs increased by 52.000 in February and is above February 2020 levels

Leisure and hospitality food and drink service jobs added 42000 in February. Jobs are down by 121,000 since February 2020

Social Assistance jobs increased by 24,000 in February.

Transportation and Warehouse increased jobs by 20000 in February.

Construction jobs increased by 23000 in February did.

Retail jobs increased by 19000 in February. Retail jobs are down by 100,000 since February 2020

Professional and business services jobs did not increase in February and is above February 2020 levels by 1,000,000 jobs.

Manufacturing jobs did not increased in February.

Information jobs did not increase in February.

Mining, Oil and Gas Extraction jobs did not increase in February.

Financial jobs did not increase in February.  Employment in financial activities is 200,000 jobs above its February 2020 level.

Other Services jobs did not increase in February.

Wholesale jobs did not increase in February.

https://www.bls.gov/news.release/pdf/empsit.pdf

 

In February 2020 the US Jobs Deficit was 9.5 million.  US Unemployment by industry had deficits from February 2020.

                    2020                       2021

Industry      June   Sept   Oct     Feb    Apr    May   Aug   Dec

Hospitality  2.2M  1.6M  1.4M  1.5M 1.4M   1.3M  -1.1m -1m

Prof & Bus 632K  385K  215K+596k+738k +821k+1.1m +1m

Mfg            481K  353K  270K  178k   56k    17k     0k       0k

Construct   238K  201K  150K  11k   +8k   +40k   +40k   +59k

Mining       110K   93K    87K    62k  +73k  +80k   +96k   +102

Healthcare 508K  524K  460K  306k  250k  223k  -37k   +0k

Public Sch 582K  504K  575K  306k  306k  308k  -555k -555k

Pvt Schls   255K  172K  148K  148k  148k  115k  +115k +115k

SocialAsst 236K  204K  204K  152k  126k  126k   -53k    -40k

Media/Info 193K  108K  122K  122k  122k  122k  +117k +101k

Tran Whse 94K  +75K +149K+584k +674k+709k +759k +751k

Wholesale 192K  159K  158K  113k  1 57k   41k     -3k   +0k

Other Svc  297K  189K  169K   317k 317k  317k   -317k  -300k

Retail         303K  202K  140K  104k  284k+159k  -208k  -200k

Totals        6.3M   4.6M   4.9M  3.8M  2.9M 2.6M  -1.34k - 0k

Industries with deficits as of 2/28/23 included Hospitality, Public Schools, Retail and Other Services.

https://www.bls.gov/news.release/pdf/empsit.pdf

https://www.bls.gov/news.release/empsit.nr0.htm

The Employment Situation-August 2021 (bls.gov)

Comments

The US Jobs deficit was 9.5 million in January 2021. This is the shortfall between jobs held in February 2020.

Over 10 million illegal immigrants entered the US since January 2021. I expect they will take government welfare in addition to jobs where they can be supervised by bi-lingual illegals in jobs that don’t require English and drug cartel jobs. Over 2 million legal immigrants arrive each year and 2 million US students graduate each year.

The US Labor Force Participation Rate 2021-2024

62.5 January 2024

62.5 December 2023

62.8 November 2023

62.7 October 2023

62.8 September 2023

62.8 August 2023

62.6 July 2023

62.6 June 2023

62.6 May 2023

62.6 April 2023

62.6 March 2023

62.5 February 2023

62.4 January 2023

60.1 December 2022

62.1 November 2022

62.2 October 2022

62.3 September 2022

62.4 August 2022

62.1 July 2022

62.2 June 2022

62.3 May 2022

62.2 April 2022

62.4 March 2022

62.3 February

62.2 January 2022

61.9 December 2021

61.8 November

61.6 October

61.6 September 

61.7 August 

61.7 July

61.6 June

61.6 May

61.7 April

61.5 March

61.4 February

61.4 January 2021

https://tradingeconomics.com/united-states/labor-force-participation-rate

 

US Layoffs by Year

2023  194000

2022   93000

2021  10353000

Total 10640000

 

https://www.forbes.com/sites/brianbushard/2023/06/30/nearly-194000-laid-off-in-2023-so-far-as-us-layoffs-surge/?sh=3a3a2ce5777c

https://www.bls.gov/opub/mlr/2022/article/job-openings-and-quits-reach-record-highs-i

 

Jobs 2021-2023

Jobs restored 12686000

Job Lay-offs   10640000

Jobs created    2046000

 

Comments

The 12,686,000 Jobs restored are off-set by the 10.640,000 Job Lay-offs to have 2.046.000 Jobs created in 2021 to 2023.

The US population is 335.9 million. The Labor Participation rate is 62.5%. The US Labor force is 209.9375 million.

The BLS Jobs Data is released monthly to report job starts but doesn’t report job lay-offs. It is quietly adjusted later and recorded unintelligibly in tables near the bottom of the report.

The average work week rose to 34.3 hours in February 2024. The Labor Participation rate is flat at 62.5. These are clues that US citizen employment is flat. The increase is likely due to job gains by illegal immigrants.

Norb Leahy, Dunwoody GA Tea Party Leader

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