According to the February 2024 US Bureau of Labor Statistics Jobs Report, hiring has remained strong and beaten expectations again despite lingering fears of inflation, and high interest rates. The employment figures for December and January were also adjusted downward.
In February, total nonfarm payroll employment surged by 275,000 jobs, reflecting robust growth across various sectors of the economy. Key industries, including health care, government, food services and drinking places, social assistance, and transportation and warehousing emerged as primary contributors to employment expansion.
Ben Walker, COO at Glider, notes, “Glider’s assessment demand from our U.S. customers is highly correlated to BLS data. In effect, Glider usage is a leading indicator of employment statistics based on the roles companies are actively filling. Although nothing like the levels we saw in late 2022 and early 2023 as post-pandemic hiring was still in full swing, over the past three months we’ve seen a 27% year-over-year increase in assessment demand across both technical and non-technical roles.
However, despite this increase in job numbers, the unemployment rate rose to 3.9 percent, marking a 0.2 percentage point increase from the previous month.
There was a rise in the unemployment rates for adult women to 3.5 percent and for teenagers to 12.5 percent. However, the jobless rates for adult men remained relatively stable, with little to no change observed.
Long-term unemployment remained largely unchanged, with 1.2 million individuals jobless for 27 weeks or more, constituting 18.7 percent of all unemployed people.
The labor force participation rate and employment-population ratio, both unchanged in February, suggest stability rather than expansion in the workforce.
Several key sectors experienced significant job gains in February, driving overall employment growth. Notable expansions were observed in health care, government, food services, and drinking places, social assistance, and transportation and warehousing.
Joseph Cole, VP of Marketing and Research at Glider, adds, “The US economy continues to propel ahead despite lingering market concerns about inflation and jobs. The reality? Companies remain profitable. I believe the data from this job report will translate to continued job growth and low unemployment, especially in human-centric jobs like healthcare. The unfortunate phenomenon that persists is a perception that the job market is dire. Let’s not think our way into a recession. General indicators are good, and from a Glider AI standpoint, we’re seeing an uptick in companies using skill assessments to hire for hard-to-fill and highly skilled roles.”
Average hourly earnings for all employees increased by 0.1 percent to $34.57, with a 4.3 percent increase over the past 12 months. The average workweek for all employees increased by 0.1 hours to 34.3 hours in February, following a decline of 0.2 in January.
Considering the February job report, here are key hiring trends to watch for in the coming months:
While some sectors continue to face challenges, the healthcare industry has emerged as a cornerstone of the robust labor market. Key points:-
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