US employers added 151,000 jobs in February
The US job market showed steady growth in February, though it fell short of expectations.
Employers added 151,000 jobs, less than the 170,000 forecast but better than January’s revised 125,000 gain, according to the Bureau of Labor Statistics.
However, the unemployment rate edged up to 4.1%.
Federal job cuts and layoffs
In February, federal employment fell by 10,000 as Elon Musk’s cost-cutting efforts took effect, but overall government payrolls rose by 11,000. Several job cuts are not included in the report since they took place after the BLS survey reporting period. They will be added to the March data.
Outplacement firm Challenger, Gray & Christmas reported over 62,000 layoffs tied to DOGE-related departures.
Industries leading job growth
Healthcare led job gains with 52,000 new positions, followed by financial activities (21,000), transportation and warehousing (18,000) and social assistance (11,000). Retail lost 6,000 jobs.
Wages and labor force trends
Wages rose 0.3% for the month, while annual wage growth reached 4%, slightly below forecasts. The labor force participation rate fell to 62.4%, its lowest since January 2023, with 385,000 fewer workers.
Despite some concerns, job growth remains stable.