February 2022 Unemployment report from the Bureau of Labor Statistics (BLS)
- Adjusted U-3 was Down from 4.0% to 3.8%
- Unadjusted U-3 was Down from 4.4% to 4.1%
- Unadjusted U-6 was Down from 7.9% to 7.6%
- Labor Force Participation Up from 62.2% 62.3%
- Unadjusted Employment rose from 147. 510 million to 148. 964 million
February 2022 Unemployment report:
AP says: Strong Job Growth Points to COVID’s Fading Grip on Economy “Employers added a robust 678,000 jobs in February, the largest monthly total since July, the Labor Department reported Friday.”
CNBC says: U.S. unemployment rate falls in February, but ticks up for Black women “The unemployment rate for Black women ticked up to 6.1% in February from 5.8% in the previous month.”
According to the Commissioner of the U.S. Bureau of Labor Statistics:
“Nonfarm payroll employment rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent. Employment growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction. Employment is down by 2.1 million, or 1.4 percent, from its level before the onset of the coronavirus (COVID-19) pandemic in February 2020.
In February, employment growth continued in leisure and hospitality (+179,000) with job gains in food services and drinking places (+124,000) and accommodation (+28,000). “
As usual, they are talking about “Seasonally Adjusted Jobs” from the “Current Population Survey (CPS)” rather than looking at the results reported by actual companies in their “Current Employment Statistics survey (CES)”
But looking at the CES report we see…
Originally the BLS reported employment of 147.525 million for January which they adjusted to 147.510 million. So 15,000 jobs disappeared for January. But they are reporting 148.964 million jobs for February which is actually an increase of 1,439,000 jobs based on their original estimates or an increase of 1,454,000 based on their updated numbers.
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