The February 2023 Jobs Report & January 2023 JOLTS: The Current U.S. Employment Situation

Nonfarm payrolls rose more than expected again in February, gaining 311,000 jobs according to the U.S. Department of Labor’s February 2023 jobs report. While not as high as January’s numbers, the continued growth comes despite a rate hike from the Fed in an effort to slow inflation. The unemployment rate bounced back from its decades-low level, up to 3.6% in February, with a slight increase in the number of unemployed persons as well to 5.9 million people.

The January 2023 Job Openings and Labor Turnover Summary (JOLTS) released Wednesday showed that the number of job openings decreased to 10.8 million at the end of the month. The total number of separations remained at 5.9 million, the level it’s been for the last three months now. However, voluntary quits dropped from 4.1 million in December to 3.9 million in January. Meanwhile, the number of layoffs increased to 1.7 million from 1.4 million in December, reflecting the large number of tech layoffs that made headlines at the start of the year.

Other noteworthy statistics from the reports:

• The labor force participation rate increased to 62.5%, the highest level it’s been since the pandemic began in March 2020.
• Average hourly wages grew by 4.6% from this time last year, which is less than expected.
• The massive number of jobs added in January was revised down slightly by 13,000 to 504,000.

When looking at what industries are hiring now, the two industries that saw the most growth in February were leisure and hospitality and retail trade. However, the manufacturing, mining, financial activities, and other services industries saw no growth, while the information and transportation and warehousing industries both lost jobs.

February’s job numbers may have dipped compared to January’s, but it’s clear there are still opportunities out there. Whether you’re a job seeker or employer, iHire can help you reach your goals.