The February 2024 Jobs Report & January 2024 JOLTS: The Current U.S. Employment Situation

The February 2024 U.S. jobs numbers from the BLS showed total nonfarm payroll employment increased by 275,000 – exceeding economists’ projections of 198,000 – with gains in healthcare, government, food services and drinking places, social assistance, and transportation and warehousing. The unemployment rate also increased to 3.9% after being flat for several months and the number of unemployed people rose to 6.5 million.

The January 2024 Job Openings and Labor Turnover Summary (JOLTS) reported little change in multiple areas. There were 8.9 million job openings, 5.7 million hires, and 5.3 million total separations. The BLS also included annual estimates for 2023 as part of its January 2024 JOLTS release. The annual average job openings level was 9.4 million for 2023, a decrease of 1.8 million from 2022.

Here are additional highlights from the February 2024 jobs report and January 2024 JOLTS:

• Average hourly earnings for all employees on private nonfarm payrolls increased by only $0.05 cents to $34.57, compared to an $0.18 increase in January 2024.
• Both December 2023 and January 2024’s job gains were revised downward to 290,000 and 229,000, respectively.
• 3.4 million workers quit their jobs in January 2024, the lowest amount recorded since January 2021 and continued evidence of the end of the Great Resignation.

What industries are hiring now? Healthcare and social assistance, government, and leisure and hospitality saw the most significant gains in employment out of the sectors we track each month in the chart below. Construction, retail trade, and transportation and warehousing also had healthy increases last month.

Hiring remains strong in 2024. As you prepare for Q2, iHire is here to help you hire top talent or find your next opportunity.