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.
The Intangible Economy 