March 5, 2021

February 2021 Jobs Report

Unemployment Rate: 6.2 percent

Jobs Created: 379,000

Employment and Unemployment

  1. The Department of Labor reported the unemployment rate ticked down 0.1 percentage point to 6.2% in February.

  2. Nonfarm jobs increased by 379,000 in February. The leisure and hospitality industry contributed most of these job gains.

  3. In December and January, job creation was stronger on net than first reported. The department revised the change in nonfarm jobs for those months up by a net 38,000 jobs.    

  4. The U-6 unemployment rate, a broader measure that includes part-time and discouraged workers, was unchanged at 11.1% in February.

  5. DOL bases monthly jobs reports on a survey of businesses and a survey of households. The survey data relate to the pay period or calendar week containing the 12th day of the month. The report generally will not reflect labor market changes near the end of the month.

  6. During February, the number of coronavirus cases in the U.S. generally declined, and vaccinations continued.

Labor Force Participation

  1. The labor force participation rate, the share of people employed or looking for work, was unchanged at 61.4%.

Wages

  1. In February, average hourly earnings for all employees in private nonfarm jobs increased by $0.07 to $30.01.

Issue Tag: Labor