Key Takeaways:

  • The labor market is adding more jobs than expected.
  • The unemployment rate has increased. 
  • This is perplexing for economists and job seekers alike. 

Once again, the labor market exceeded expectations in February, but the unemployment rate has increased.

According to the U.S. Labor Department’s job report for February 2024, employers added 229,000 jobs and the unemployment rate increased to 3.9%. Although the number of jobs added is a positive for the labor market, the fact that the unemployment rate has increased by .2% is concerning. If jobs are readily available, why aren’t companies hiring?
Stay tuned for more valuable data insights and predictions for WageScape. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the March pre-job report.