.Alex_Carrick 's latest article looks at a humdrum U.S. February jobs report...with a shock from JOLTS, the Job Openings and Labor Turnover Survey.
At +311,000, the U.S. number on net jobs creation in February, as calculated by the Bureau of Labor Statistics , was okay. It was neither truly exciting, nor in any way disturbing. It was down from the +504,000 performance in January, but it wasn’t the kind of figure that would signal a recession has arrived on everyone’s doorstep.
The U.S. economy-wide seasonally adjusted unemployment rate in February ticked up a little to 3.6% from 3.4% in January. On a not seasonally adjusted basis, the U rate stayed the same as the month prior, at 3.9%. The ‘leisure and hospitality’ industry accounted for the biggest bump in employment in February, +105,000 jobs. It was followed by ‘education and health’, +74,000 jobs. In ConstructConnect’s starts database, big hospital projects are appearing with considerably more frequency than they did a year or two ago.
When the wage analysis is limited to non-supervisory personnel , the y/y advances are even more dramatic, +5.3% hourly and +4.4% weekly for ‘all jobs’ and +6.1% hourly and +5.3% weekly for construction personnel.report help restore calm after the stunning and upsetting findings that were released in the latest Job Openings and Labor Turnover Survey report.delivered a rude shock. Suddenly, there was a huge month-to-month plunge in onsite job openings, with a retreat from 488,000 to 248,000.
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