What is U.S. Unemployment Rate for February 2018?
According to the U.S. Bureau of Labor Statistics (BLS), the U.S. national unemployment rate (seasonally adjusted) for February 2018 was 4.1%. This represents no change since October 2017.
What is the average U.S. Hourly Wage as of February 2018?
According to the U.S. Bureau of Labor Statistics (BLS), the U.S. average hourly wage for February 2018 is $26.75, which is up only $0.01 per hour from January 2017.
The unemployment rate was once again 4.1% in the second month of 2018, with an estimated 313,000 jobs added in February. This is the most jobs added in any month since July 2016, which also means talent is becoming increasingly harder for companies to find.
Manufacturing added 31,000 jobs in February, totaling nearly 225K job gains over the past 12 months. Employment in professional and business services grew by 50,000, totaling nearly 500K jobs added over the past 12 months. At 27,000 jobs, employment in temporary help services, specifically accounted for more than half of those 50,000 jobs added. Construction contributed the most growth, with 61,000 jobs added. Employment in mining, though small, rose by 9,000 jobs.
What does this mean to employers?
Wages are being driven up as a result of the competition among employers to retain the best talent. As employers continue to struggle to find job candidates, they are being less selective and more flexible about who they consider for hire. Employers are offering to train newlyhired workers who are now switching industries in a job market that has put the employee in the driver’s seat as they steer their careers in different directions.
About the Report
Source2’s Monthly U.S. Unemployment Rate & U.S. Average Hourly Wage report makes it easy to quickly see the latest numbers from the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) surveys. Click here to download an excel spreadsheet with three years of data in cell and chart formats, or click here for a one-page pdf snapshot to print and share.
U.S. Average Hourly Earnings - All Private, Nonfarm (Seasonally Adjusted) https://www.bls.gov/news.release/empsit.t19.htm
Those Not in the Workforce https://www.bls.gov/web/empsit/cpseea38.htm
Lynette Stokes is a Senior Engagement Specialist with Source2. She focuses on understanding her clients’ workforce challenges and the impact of these challenges on their business. Schedule a free consultation with Lynette today.