WASHINGTON—Non-farm payrolls increased by 379,000 in February, with the unemployment rate dipping to 6.2%, according to new data from the Bureau of Labor Statistics.
Of note, the January non-farm payrolls rate was significantly revised up to a gain of 166,000.
“The February jobs report was stronger than anticipated, thanks to a spike in restaurant employment,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Private payrolls grew by 465,000, and restaurants accounted for over 60% of that total.
“With vaccine distribution continuing to accelerate and with the economy in the initial stages of a reopening, the coming months should see robust gains,” added Long.
Earnings Up
Average hourly earnings rose seven cents in February, with year-over-year growth reaching 5.3%. The labor force participation rate was unchanged at 61.4%, significantly down from 63.3% in February of 2020.
Results among the major industries were generally positive. Leisure and hospitality gained 355,000 jobs, followed by temporary jobs in the professional and business services space (+53,000), and the healthcare and social assistance sector (+46,000). Local and state government education shed 69,000 jobs while construction lost 61,000 jobs.