Real time jobs report data summary. Figures are based on the latest data provided by the Bureau of Labor Statistics (BLS.gov). All jobs numbers are for non-farm employment.
- Month Over Month: -0.2%
- 3 Month Average: 900
- Year Over Year: -8.8%
- Month Over Month: -0.4%
- 3 Month Average: 200
- Year Over Year: -9.0%
- Month Over Month: +0.3%
- 3 Month Average: 79,667
- Year Over Year: -6.2%
- Month Over Month: +0.1%
- 3 Month Average: 2.43%
- Year Over Year: +0.9%
- Month Over Month: -0.2%
- 3 Month Average: 3.73%
- Year Over Year: +1.0%
- Month Over Month: -0.1%
- 3 Month Average: 6.4%
- Year Over Year: +2.7%
Uncovering February’s Industry Trends and Looking Ahead
February jobs increased by 379,000 from January, marking another month of a slow recovery from the pandemic impact. While an improvement from the increase of 49,000 jobs in January, February’s increase is only slightly above the 299,000 in November and is still below the 409,000 data from October. The unemployment rate slightly declined from 6.3% to 6.2%. The number of unemployed Americans slightly decreased to 10 million.
The leisure and hospitality (+355,000), healthcare and social assistance (+45,600), and retail trade (+41,100) industries showed the strongest growth. These increases are likely due to a combination of reasons, but leisure and hospitality is the most noteworthy increase by +416,000 month-over-month. This is likely due to the increase in vaccine distribution and optimism of safe travel within the warmer weather soon.
According to a recent article from SIA, “The number of U.S. jobs rose by 117,000 in February when compared to the previous month as the recovery moves forward slowly. Looking back, jobs had risen by 195,000 in January after falling by 75,000 in December, according to today’s revised data.” Specifically, SIA noted that February’s gains were concentrated in the service sector.
“The labor market continues to post a sluggish recovery across the board,” said Nela Richardson, chief economist, ADP.
“We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods-producing sector pauses,” Richardson said. “With the pandemic still in the driver’s seat, the service sector remains well below its pre-pandemic levels; however, this sector is one that will likely benefit the most over time with reopenings and increased consumer confidence.”
ADP’s report found the largest companies, those with 1,000 or more employees, reduced jobs by 5,000. On the other hand, small businesses added 32,000 jobs while midsize businesses added 57,000.
The Spring Season is Among Us and Vaccinations Continue
As we head into the new year with a new administration in office and the pandemic still on the rise, we are keeping an eye on trends within the healthcare industry including vaccination as well as continued testing.
Additionally, with the spike in leisure and hospitality, we’re optimistic about what the spring season has in store, and so is the CNBC team in this article.
“Today’s jobs report sets an extremely positive tone as we move into warmer months and the pace of COVID-19 vaccinations accelerates,” said Tony Bedikian, head of global markets at Citizens Bank. “While the labor market still has a lot of ground to makeup, we are in a different place than we were a year ago and the economy seems poised for a strong rebound.”
Bars and restaurants gained 286,000 jobs while hotel-related hiring totaled 36,000 and amusement, gambling, and recreation businesses added 33,000. Despite the gain, the industry is still 3.5 million short of its employment level from a year ago, just before the worst of the pandemic. The pickup in hiring drove the unemployment rate for the sector down to 13.5% from 15.9% a month ago; the accommodation and food services subsector saw its jobless rate fall to 12.7% from 15.3%.
“We’re seeing great opportunities within the service sectors,” said Amy Glaser, Senior Vice President at Adecco. “We anticipate as the weather continues to get warmer, that [hospitality] sector will start to explode in the next eight to 12 weeks.”
Mass sites for vaccinations are continuing to expand across the nation, with each state varying in rules and regulations for vaccine distribution. In fact, this is the biggest vaccination campaign in history, according to Bloomberg. Vaccinations in the U.S. began on December 14, 2020, with healthcare workers and so far, millions of shots have been given. For live updates on these statistics, be sure to check out Bloomberg’s live tracker as well as the CDC website.
At Adecco, we’ve been leading the trend in supporting contact tracing programs for multiple lines of businesses. Overall, we have processed 20.5 million+ COVID-19 specimens, placed 1,800+ contact tracers, and have supported several state-wide programs. Learn more about specific programs here on our website.
As we look ahead into 2021, Adecco has the knowledge and resources needed to fill your hiring needs in all of these industries. Learn more about how we can help your organization with our top-talent network.
Local Industry Job Growth from the B.L.S.
- From Last Month: -1.1%
- 3 Month Average: 9
- From Last Year: -3.3%
- From Last Month: -8.5%
- 3 Month Average: 7
- From Last Year: -41.4%
- From Last Month: +1.6%
- 3 Month Average: 12
- From Last Year: -3.1%
- From Last Month: +3.7%
- 3 Month Average: 13
- From Last Year: -2.8%
- From Last Month: +9.5%
- 3 Month Average: 8
- From Last Year: +9.5%
- From Last Month: -0.6%
- 3 Month Average: 17
- From Last Year: -8.1%
- From Last Month: +0.7%
- 3 Month Average: 14
- From Last Year: -4.8%
U.S. Job Growth for All Sectors
Local Job Reports
- Anaheim-Santa Ana-Irvine, Metro Division
- Riverside-San Bernardino-Ontario
- Oxnard-Thousand Oaks-Ventura
- Oakland-Hayward-Berkeley Metropolitan Division
- Los Angeles-Long Beach-Glendale
- San Jose-Sunnyvale-Santa Clara
- San Diego-Carlsbad
- West Palm Beach-Boca Raton-Delray Beach, Metro Division
- Tampa-St. Petersburg-Clearwater
- Palm Bay-Melbourne-Titusville
- Panama City
- Fort Lauderdale-Pompano Beach-Deerfield Beach
- Miami-Fort Lauderdale-West Palm Beach
- Miami-Miami Beach-Kendall
- Lakeland-Winter Haven
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Rhode Island
- South Carolina
- South Dakota
- West Virginia