Stockton-Lodi Jobs Report

February 2024 Jobs Report

Jobs Added

Metro -1,800
  • Month Over Month: -0.6%
  • 3 Month Average: 933
  • Year Over Year: +0.7%
State +23,400
  • Month Over Month: +0.1%
  • 3 Month Average: 22,000
  • Year Over Year: +1.7%
National +275,000
  • Month Over Month: +0.2%
  • 3 Month Average: 264,667
  • Year Over Year: +1.8%

Unemployment Rate

Metro 6.8%
  • Month Over Month: +0.4%
  • 3 Month Average: 6.47%
  • Year Over Year: +1.6%
State 5.1%
  • Month Over Month: 0.0%
  • 3 Month Average: 5.1%
  • Year Over Year: +0.7%
National 3.9%
  • Month Over Month: +0.2%
  • 3 Month Average: 3.77%
  • Year Over Year: +0.3%

February brings a sharp rise in unemployment

Yet again, the numbers from the Bureau of Labor Statistics (BLS) surprised experts.

The labor market added 275,000 jobs in February – more than 75,000 above what was expected. The other surprise? The unemployment rate also rose, after four months of holding steady.

Some of the other important numbers from this BLS report weren’t from February. Both January and December totals were revised downward, which means fewer jobs were added than BLS originally stated. This shows the labor market is continuing to stay solid and normalize.

The other important takeaways from this BLS report include:

•  3.9% unemployment rate – the highest unemployment rate seen in two years

•  February was the 25th month in a row where unemployment was under 4% – the longest stretch in over 50 years

•  Wage rates increased only 0.1% – the slowest pace since February 2022

•  For the third straight month, labor force participation rate held at 62.5%

•  Healthcare industry and leisure and hospitality continued their strong streak

•  January’s jobs numbers were revised downward by 124,000 – meaning jobs added in January only totaled 229,000

Ready for the unexpected

Will a steady labor market continue? Will more people get back to work? What wage rates will workers expect now?

At Adecco, we’re used to hearing these questions. Whether the labor market is calm or chaotic, we tune out the noise.

Instead, our staffing strategies rely on the latest data and market research. Our tools, including the Cost of Living Calculator and Salary Calculator, are designed to provide our clients with the knowledge they need to make data-informed decisions.

Contact us today to learn more about Adecco Analytics or to discuss your staffing needs for the year ahead.

Local Industry Job Growth from the B.L.S.

Finance & Insurance 0
  • From Last Month: 0.0%
  • 3 Month Average: 4
  • From Last Year: -4.3%
Telecommunications -500
  • From Last Month: -0.9%
  • 3 Month Average: 56
  • From Last Year: -4.0%
Accommodation & Food Services -400
  • From Last Month: -1.7%
  • 3 Month Average: 23
  • From Last Year: +3.6%
Manufacturing 0
  • From Last Month: 0.0%
  • 3 Month Average: 23
  • From Last Year: +0.4%
Retail Trade -400
  • From Last Month: -1.4%
  • 3 Month Average: 28
  • From Last Year: +1.1%
Transportation & Warehousing -300
  • From Last Month: -0.6%
  • 3 Month Average: 47
  • From Last Year: -5.4%
Air Transportation +200
  • From Last Month: +0.3%
  • 3 Month Average: 60
  • From Last Year: +10.0%
Transportation Equipment Manufacturing 0
  • From Last Month: 0.0%
  • 3 Month Average: 154
  • From Last Year: +3.1%
Chemical Manufacturing +500
  • From Last Month: +0.6%
  • 3 Month Average: 83
  • From Last Year: -0.2%
Goods Producing -200
  • From Last Month: -0.5%
  • 3 Month Average: 39
  • From Last Year: +1.6%
Hospitals -200
  • From Last Month: 0.0%
  • 3 Month Average: 413
  • From Last Year: +1.9%
Computer & Electronic Product Manufacturing +300
  • From Last Month: +0.1%
  • 3 Month Average: 295
  • From Last Year: -3.2%

U.S. Job Growth for All Sectors

Local Job Reports

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.