Private sector job market growth continues to look bright
The BLS’s latest “Employment Situation Summary” reports that nonfarm payroll employment rose by 227,000 in February and the unemployment rate was unchanged at 8.3 percent. Several sectors, including professional and business services and healthcare services, continue to show strength. However, after two consecutive months of job growth, construction employment changed little in February and over the month, employment fell by 14,000 in nonresidential specialty trade contractors.
Hiring rose in a number of industries, including the following:
- Healthcare and social assistance: healthcare and social assistance employment increased by 61,000 over the month, with ambulatory care services adding 28,000 jobs and hospitals adding 15,000. Healthcare employment rose by 360,000 over the past 12 months and in February, social assistance employment also increased (+12,000).
- Leisure and hospitality: Over the past 12 months, food services added 531,000, rebounding from a low in February 2010. Employment in leisure and hospitality increased by 44,000, in February with nearly all of the increase in food services and drinking places (+41,000).
- Manufacturing: February figures indicate manufacturing employment rose by 31,000 in durable goods manufacturing, with gains in fabricated metal products (+11,000), transportation equipment (+8,000), machinery (+5,000), and furniture and related products (+3,000). Since its nadir in January 2010, durable goods manufacturing has added 444,000 jobs.
- Mining: Mining added 7,000 jobs in February, with most of the increase in mining-support activities (+5,000). Since a recent low in October 2009, mining employment has increased by 180,000.
- Professional and business services: While professional and business services showed the biggest gains in February with 82,000 jobs, over 50 percent occurred in temporary help services (+45,000). Computer systems design (+10,000) and in management and technical consulting services (+7,000) also showed gains. Employment in professional and business services has grown by 1.4 million since a recent low point in September 2009.
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