http://www.bls.gov/news.release/empsit.nr0.htmTHE EMPLOYMENT SITUATION: FEBRUARY 2004
Nonfarm employment was little changed (+21,000) in February, and the
unemployment rate remained at 5.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment levels in most of the major industries were little changed over the month.
Unemployment (Household Survey Data)
The number of unemployed persons was 8.2 million in February, and the
unemployment rate held at 5.6 percent, seasonally adjusted. Both measures are below their recent highs of June 2003. Unemployment rates for the major worker groups--adult men (5.1 percent), adult women (4.9 percent), teenagers (16.6 percent), whites (4.9 percent), blacks (9.8 percent), and Hispanics or Latinos (7.4 percent)--showed little or no change over the month. The unemployment rate for Asians was 4.7 percent in February, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)
Total Employment and the Labor Force (Household Survey Data)
Total employment was down in February to 138.3 million, and the employment-population ratio--the proportion of the population age 16 and older with jobs--declined to 62.2 percent. The ratio was at or near that level for most of 2003. Over the month, the civilian labor force decreased by 392,000 to 146.5 million, and the labor force participation rate fell to 65.9 percent. (See A-1.)
The number of persons who work part time for economic reasons edged down in February to 4.4 million, seasonally adjusted. This category includes persons who indicated that they would like to work full time but were working part time because their hours had been cut back or because they were unable to find full-time jobs. (See table A-5.)
About 7.2 million persons (not seasonally adjusted) held more than one job in February. These multiple jobholders represented 5.3 percent of the total employed, down from 5.6 percent a year earlier. (See table A-13.)
Persons Not in the Labor Force (Household Survey Data)
In February, about 1.7 million persons were marginally attached to the labor force, about the same as a year earlier. (Data are not seasonally adjusted.)These individuals wanted and were available to work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed, however, because they did not actively search for work in the 4 weeks preceding the sur-
vey. There were 484,000 discouraged workers in February, also about the same as a year earlier. Discouraged workers, a subset of the marginally attached, were not currently looking for work specifically because they believed no jobs were available for them. The other 1.2 million marginally attached had not searched for work for reasons such as school or family responsibilities. (See
table A-13.)
Within professional and business services, employment in temporary help services rose by 32,000 over the month, after a small loss in January. Since April 2003, the temporary help industry has added 215,000 jobs.
The average workweek for production or nonsupervisory workers on private nonfarm payrolls was unchanged in February at 33.8 hours, seasonally adjusted. The manufacturing workweek increased by 0.1 hour to 41.0 hours, and has risen by 0.9 hour since last July. Manufacturing overtime was unchanged in February at 4.5 hours, but has increased since last summer. (See table B-2.)
The index of aggregate weekly hours of production or nonsupervisory
workers on private nonfarm payrolls decreased by 0.1 percent to 98.9 in February (2002=100). The manufacturing index increased by 0.1 percent over the month to 94.2. (See table B-5.)
Average hourly earnings of production or nonsupervisory workers on private nonfarm payrolls rose by 3 cents over the month to $15.52, seasonally adjusted. The increase for January was 4 cents, as revised. Average weekly earnings rose by 0.2 percent in February to $524.58. Over the year, average hourly earnings increased by 1.6 percent, and average weekly earnings increased by 1.9 percent.(See table B-3.)...March 2004 is scheduled to be released on Friday, April 2, at 8:30 A.M. (EST).<snip all the tables>
http://quote.bloomberg.com/apps/news?pid=10000103&sid=aAedZ4OlZbFU&refer=news_index U.S. Economy Adds 21,000 Jobs, Less Than Expected; Jobless Rate Unchanged =Treasury Notes Surge as Economy Adds Fewer Jobs Than Forecast =Dollar Tumbles Against Euro; U.S. Economy Adds Only 21,000 Jobs
http://www.bloomberg.com/news/economy/economies.htmlU.S. February Payrolls Rose 21,000; Jobless Rate Holds at 5.6%
March 5 (Bloomberg) -- U.S. employers added 21,000 workers in February, less than the lowest forecast amid the fastest annual economic expansion in at least two decades. The unemployment rate held at 5.6 percent and more job-seekers left the work force.
The results follow a January gain of 97,000 that was less than previously estimated, the Labor Department said in Washington, and trailed the median forecast of 130,000 in a Bloomberg News survey of economists. Factory employment fell by 3,000, the 43rd straight decline.
Consumer confidence and President George W. Bush's popularity have sagged as the economic expansion, tax cuts and lowest Federal Reserve benchmark interest rate in 45 years fail to ignite hiring. Critics including Senator John F. Kerry, who will challenge Bush in November, say he hasn't done enough to stop the loss of 2.3 million jobs in his tenure.
Disappointing results ``leave open the danger that consumer income and spending growth will fade later in the year,'' said Nigel Gault, U.S. research director at Global Insight Inc. in Lexington, Massachusetts, before the report. ``It would suggest that the Fed can be very patient before raising interest rates, perhaps for all of 2004.'' <snip>
EARLIER TODAY THE PRE-RELEASE BLOOMBERG WAS:
U.S. February Job Gains May Reach Three-Year High, Survey Shows
March 5 (Bloomberg) -- U.S. employers may have added 130,000 workers in February, the largest gain since shortly before George W. Bush became president more than three years ago, economists said in advance of today's government report.
A sixth straight increase in jobs would be the longest streak in almost four years. The unemployment rate may have held at 5.6 percent, a two-year low, based on the median of 63 forecasts in a Bloomberg News poll before the 8:30 a.m. Labor Department report in Washington.
Bush credits last year's tax cuts for stoking the economy, which grew by 6.1 percent in the July-December period, the strongest six months since 1984. Critics including Senator John F. Kerry, a Democrat preparing to challenge Bush in November's election, say the president hasn't done enough and cite the lost of 2.3 million jobs during his tenure.
Meeting or exceeding the February forecast ``would show that jobs are slowly catching up to economic growth,'' said Ellen Beeson, an economist at the Bank of Tokyo-Mitsubishi in New York, who forecast a gain of 140,000. ``It would also help buy some time for Bush, because he can point to that and say that things are only going to get better.'' <snip>
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