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Search Solution Breaks down the U.S. Bureau of Labor Statistic’s Monthly Economic Employment Report for February

Reported by the U.S. Bureau of Labor Statistics, the Monthly Economic Employment Report was released today, March 4. Broken down monthly, Search Solution Group has highlighted the latest economic analysis for February’s month-over-month changes in employment performance based on current job market fluctuations.

KEY TAKEAWAYS

Change in Employment Rate 

  • The unemployment rate edged down to 3.8%, showing a .2% decrease from January’s report.
  • 678,000 jobs gained in February.
  • Leisure and hospitality, professional and business services, health care, and construction were among the leading growing industries, with 179,000 jobs added to leisure & hospitality alone.

Household Survey Data 

  • Among the major worker groups, the unemployment rate for adult men now sits at 3.5%, declining from January.
  • The jobless rate of adult women showed little to no change over the month.

PANDEMIC EFFECTS

As compared to February of 2020, this month is bordering slightly closer to the pre-pandemic unemployment rates. Currently sitting at 3.8% with 6.3 million unemployed, the rate in February 2020 was 3.5% with 5.7 million unemployed. Due to the pandemic, the workforce saw 13% of employed persons working remotely this month, down from 15.4% last month.

In regards to persons unable to work due to their employer closing or losing business specifically due to the pandemic, 4.2 million people were reported in February. This measure is down from 6 million reported from the previous month.

Job growth was widespread this February, however, when compared to pre-pandemic growth in February of 2020, the figure is still down 1.4%. The overall sentiment is that job growth will continue to remain on track throughout the nation.

EMPLOYMENT EXPERTS

Search Solution Group is composed of industry experts with decades of expertly trained headhunters, recruiters, and an overflowing network of top-level talent. SSG has a team of subject matter experts with an unmatched ability to understand and execute the latest trends and market fluctuations to customize each client and candidate to their exact needs. 

Utilizing an extensive and carefully crafted database of talent, Search Solution Group utilizes a rigorous vetting process to identify perfectly matched placements, thus establishing an impressive track record of unparalleled success.

To learn more from Search Solution’s expertly trained team or implement any job analysis trends into your business strategy, please contact the Search Solution Group.