Access Broadleaf's Employment Overview in PDF Format
The American employment landscape is constantly changing. Keep up-to-date with the most recent trends with our monthly Employment Landscape Overview. Figures and statistics sourced from the Bureau of Labor Statistics and the American Staffing Association
The unemployment rate rose by 0.2 percentage point to 3.9 percent in February, and the number of unemployed people increased by 334,000 to 6.5 million. A year earlier, the jobless rate was 3.6 percent, and the number of unemployed people was 6.0 million.
The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was little changed in February. The long-term unemployed accounted for 18.7 percent of all unemployed people.
In February, the labor force participation rate was 62.5 percent for the third consecutive month, and the employment-population ratio was little changed at 60.1 percent. These measures showed little or no change over the year
In February, average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents to $34.57, following an increase of 18 cents in January. Average hourly earnings were up by 0.1 percent in February and 4.3 percent over the year. In February, average hourly earnings of private-sector production and nonsupervisory employees edged up by 7 cents, or 0.2 percent, to $29.71.
The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would
have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
In February, the number of people not in the labor force who currently want a job, at 5.7 million, was little changed. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Temporary help employment was 1.74% of total nonfarm employment in February, little changed from 1.76% in January.
Temporary help jobs in February decreased by 7.0%, seasonally adjusted, from the same month last year.
Total nonfarm payroll employment rose by 275,000 in February, above the average monthly gain of 230,000 over the prior 12 months.
Access Broadleaf's Employment Overview in PDF Format
Broadleaf summarizes the latest industry trends each month to keep you informed as you make decisions about the future of your business.
The national average office occupancy rate hit a post-pandemic high of 51.8 percent during the last week of January 2024, according to reporting from The Washington Post.
A survey of 1,400+ workers indicates that workers are willing to take a 13.2% pay cut in exchange for a more flexible work arrangement. Respondents said the biggest challenges of being called back to the office are the commute and inability to multitask during the workday.
Meanwhile, some research shows that remote workers are more likely to be laid off or miss out on promotion opportunities compared to their peers who work in the office or in hybrid environments—which could make employers vulnerable to costly discrimination lawsuits.
The latest data shows that we have 9.5 million job openings nationwide, but only 6.5 million unemployed workers.
Factors contributing to the labor shortage include:
- Early retirements and an aging workforce
- Lower net international migration to the U.S.
- Lack of access to childcare
- Rise in entrepreneurship
The share of women in the workforce is far exceeding pre-pandemic levels around the globe. (Axios)
Labor force participation rates among workingage women have blown past pre-pandemic levels in the U.S., the E.U., Japan, Australia, and in most major Asian and Latin American countries, according to a new report from Moody’s. Rates for men have not increased at the same pace.
However, the rising cost of childcare may be pushing some women out of the workforce. (Bank of America)
The gender pay gap—the difference between the median earnings of men and women—in the U.S. has stagnated over the past two decades. (Pew Research)
Many jobs still have demographically skewed workforces. (Marketplace)