Today the Bureau of Labor Statistics (BLS) released their February 2012 report on the employment situation [1], and the economy posted strong gains again in February, building on January’s strong report. Total private non-farm employment increased by 233,000 in February. In the past 24 months, the private sector has added nearly 4 million jobs (3.94 technically).
Getting into the details a bit, the manufacturing sector posted a solid gain of 31,000 jobs in February. Over the past three months, the manufacturing sector has added 111,000 jobs. State and local government employment actually increased by 1,000 jobs in February. While the small increase isn’t significant by itself, it is a positive sign that the drag that state and local government employment has had on the labor market may finally be turning a corner. Through the first two months of 2012 state and local governments have added 8,000 jobs after posting losses of 230,000 in 2011 and 262,000 in 2010. The unemployment rate remained at 8.3% (the recent unfortunate unemployment of 4-time NFL MVP quarterback [2] won’t be accounted for until next month’s report).
Finally, in the February 2012 report BLS released revised estimates for December 2011 and January 2012. Private non-farm employment increased in December 2011 by 14,000 more than the previous estimate, and January 2012 increased by 27,000 more than expected. Total private employment in January was up 285,000. This is the highest monthly private job growth since February 2006.
~Mark Doms, Chief Economist, U.S. Department of Commerce
March 9, 2012
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