Jobs Growth in February Better Than Expected

March 7, 2014 01:34 AM



The Bureau of Labor Statistics reports the addition of 175,000 non-farm payrolls in February, with is better than economists' expectations of 150,000 jobs being added last month. However, unemployment upticked from 6.6% to 6.7%. The bureau reports employment increased in professional and business services and in wholesale trade, but declined in information. Job growth has averaged 189,000 per month over the prior 12 months.

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 203,000 in February to 3.8 million; these individuals accounted for 37.0% of the unemployed. The number of long-term unemployed was down by 901,000 over the year. The report shows the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 7.2 million in February. The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.2 hours in February.

The change in total non-farm payroll employment for December was revised from +75,000 to +84,000, and the change for January was revised from +113,000 to +129,000. With these revisions, employment gains in December and January were 25,000 higher than previously reported.

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