Topline
While layoffs are impacting some of the nation’s largest employers, the Labor Department's February job report shows these industries added a substantial amount of new jobs in February—including leisure and hospitality, which added 105,000 jobs, nearly one-third of added jobs.
The US Department of Labor Building in Washington, DC.
Key Facts
Food Services and drinking places: (Added 69,900 new jobs in February)
Healthcare: (44,200)
Warehouse clubs and Supercenters: (24,500)
Local government education: (23,100)
Arts, entertainment and recreation: (21,400)
Administrative and support services: (20,800)
Professional, scientific and technical services: (19,100)
Social Assistance: (18,600)
Department Stores: (14,600)
Specialty trade contractors: (13,400)
Tangent
There were job losses in sectors including information (-25,000), transportation and warehousing (-21,500) and, to a lesser extent, finance (-1,000) and advertising (-1,000). These industries have seen a decline in employment over the past few months and are more likely to be impacted by rising interest rates.
Key Background
The total number of jobs added in February was 311,000, though the unemployment rate unexpectedly rose 3.6% with continued amounts of corporate layoffs. Despite the unemployment rate rising 0.2 percentage points from January, it still remains slightly above its lowest levels seen over five decades ago.
Surprising Fact
While the jobs report beat economist expectations, the number of recently unemployed—people jobless for five weeks or less—increased by 343,000, making it the third largest increase since the pandemic started.
Further Reading
Labor Market Added 311,000 Jobs In February—But Unemployment Rate Unexpectedly Rose To 3.6% (Forbes)
2023 Layoff Tracker: Lockheed Martin And Hunter Douglas Reduce Headcounts (Forbes)
Jobless Claims Unexpectedly Rise To 2023 High As Fed Hikes Threaten New Waves Of Layoffs (Forbes)
