The Bureau of Labor Statistics has released its February Jobs Report Friday morning. A breakdown of the numbers shows that – although we are only two months into the year – the IT, Manufacturing, and Accounting industries are seeing larger gains across the board.
According to the BLS, 175,000 workers were added to non-farm payrolls in February (162,000 in the private sector and 13,000 in the public sector). These numbers surpass the predicted 149,000 that was set by economists.
The report also showed that unemployment rose from 6.6% to 6.7%, the first increase of the index in the past few months. The labor participation rate was unchanged at 63%, showing no major shifts in the amount of Americans entering or leaving the workforce.
The IT industry turned the tables by going from a net loss of 3,700 jobs in January to a net gain of 4,900 jobs in February. The industry has seen a total gain of 1,200 jobs added since the start of 2014. Computer Systems Design and Related Services lead the way last month by adding 5,000 jobs overall, which is good news for developers. For a closer look at the numbers, see our full analysis at our Ashley Ellis website.
In total, 6,000 jobs were added across all sectors of the Manufacturing industry in February. Manufacturing had a strong January (with 21,000 jobs added), and these positive numbers add more to the total for the year. For a closer look at the numbers, see our full analysis at our Omni One website.
Accounting and Bookkeeping Services saw a massive increase in jobs last month, adding 15,700 jobs total to the industry. This number dwarfs the 5,000 jobs added in January and, although a part of the increase is likely attributed to the tax season, this still bodes well for the industry in the coming months. You can see the full BLS Report here.
In the midst of the tax season, Accounting should continue to see strong numbers as we head towards the close of Q1 2014. Also, with the IT industry heating up and President Obama promising big investments in Manufacturing, we should see job numbers ticking up across the board in the coming months.
By Kevin Withers