The Bureau of Labor Statistics’ employment report for February showed an unemployment rate of 4.9%, unchanged from January, and a jobs creation total of 242,000. According to a report from MarketWatch, the increase in jobs last month is a sign the economy continues to chug along despite a rocky start to the year for stocks and fresh worries over whether a fragile global economy could undermine growth at home.
In February, the average wage paid to U.S. workers decreased for the first time since January 2015 to $25.35 an hour, down 0.1% from last month. Hourly pay increased mildly at 2.2% year-over-year. The decrease in wages is contrary to economists’ predictions that wages will increase throughout the remainder of 2016.
IT Industry Sees Slow, But Steady Growth
The Professional, Scientific, and Technical Services sector continued to see mixed results from the Bureau of Labor Statistics’ report. Job growth slowed month-over-month in February compared go the growth we saw in January. However, the unemployment rate for the sector saw a 0.3% decrease from January, falling to 2.7%.
The tech sector overall has seen steady gains over the last five years, creating 17,600 new positions in February alone, and totals up 3.5% from the previous year. 4,400 positions were added in computer systems design and related services, and Management and technical consulting services gained 3,400 positions.
Overall, with February’s job creation totals, the tech industry continues to grow in 2016.
February Jobs Report Fast Facts
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