U.S. labor update: Payrolls and jobless rate up

United States payrolls continue to grow, although at slightly slower pace.

Nonfarm payrolls increased 311,000 in February, according to the latest estimates from the U.S. Bureau of Labor Statistics. The national unemployment rate edged up two-tenths of a point to 3.6 percent as more people looked for jobs.

Estimated payroll gains for the previous two months were revised downward a total of 34,000 to 504,000 for January and 239,000 for December.

Payrolls have increased an average of 343,000 a month over the past six months.

Still, 5.9 million people were counted among those unsuccessfully looking for work in February. Of those, 1.1 million people have been unemployed 27 weeks or longer.

Another 4.1 million people were counted among those working part-time because their hours were cut or they’ve been unable to find full-time positions.

The labor force participation rate edged up a tenth of a point to 62.5 percent, but remained below the rate posted before the onset of the COVID-19 pandemic in the U.S. in early 2020.

Payroll gains for February were spread out among a number of industry sectors.

Employed increased 105,000 in leisure and hospitality, 50,000 in retail trade, 45,000 in professional and business services and 44,000 in health care. Government payrolls grew 46,000.

Employed decreased 25,000 in the information sector and 22,000 in transportation and warehousing.

The average workweek shortened a tenth of an hour to 34.5 hours. The average manufacturing workweek shortened two-tenths of an hour to 40.3 hours.

Average hourly earnings rose 8 cents to $33.09. Over the past year, average hourly earnings increased 4.6 percent.