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10C Consent
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3/21/2024 5:51:46 PM
Creation date
5/31/2023 11:56:27 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/17/2023
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PERM
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Source: US Department of Labor Source: US Department of Labor <br />Employment <br />The U.S.economy added 311,000 jobs in February,continuing to surpass market expectations of 225,000,on the heels of a very strong January <br />jobs report of 504,000 jobs.Trends in employment remain strong,with the three-month moving average payrolls at 351,000 and the six-month <br />moving average at 336,000.There were broad gains in employment,led by roles in the private sector with leisure and hospitality employment <br />growth remaining solid.The unemployment rate rose to 3.6%due to more workers entering the labor force as the participation rate increased <br />to 62.5%from 62.4%in January,the highest level since March 2020.The U-6 underemployment rate,which includes those who are marginally <br />attached to the labor force and employed part time for economic reasons,increased to 6.8%from the prior month at 6.6%.Average hourly <br />earnings rose 4.6%year-over-year in February from a 4.4%increase in January.Job Openings decreased to 10.8 million.Overall,the February <br />employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate at a <br />slower pace. <br />0 <br />100 <br />200 <br />300 <br />400 <br />500 <br />600 <br />700 <br />800 <br />900 <br />1,000 <br />MOM Change In (000's)Nonfarm Payroll (000's) <br />Non-farm Payroll (000's) <br />3 month average (000's)0.0% <br />2.0% <br />4.0% <br />6.0% <br />8.0% <br />10.0% <br />12.0% <br />Unemployment Rate <br />Underemployment Rate (U6) <br />Unemployment Rate (U3)Rate (%)4
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