Economy Continues Chugging Along

The U.S. labor market continued to grow in February. The Bureau of Labor Statistics reports that nonfarm payrolls grew by 311,000 jobs while the unemployment rate rose slightly to 3.6%. Employment in intangible-producing industries and tangible-producing industries continue to track one another. The growth in the tangible-producing industries was the biggest in Accommodation and Food Service (up 84,300 jobs). In intangible-producing industries, Professional & Business Services (excluding tangible services) was up 31,500, Educational & Health Services (excluding tangible services) grew by 56,100 and Government (excluding Postal Service) was up 42,600.

This continuing parallel employment growth is a structural change from the pre-2010 period when employment in intangible producing industries grew as a percentage of total employment while employment in tangible producing industries declined.  

For more on the categories, see my explanation of the methodology in an earlier posting.

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