The Employment Situation: February 2007 — 2007-03-09

Nonfarm payroll employment continued to trend up (+97,000), and the un- employment rate (4.5 percent) was essentially unchanged in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment grew in some service-providing industries but declined sharply in construction. Manufacturing employment continued to trend downward. Average hourly earnings rose by 6 cents, or 0.4 percent, over the month. In February, the number of unemployed persons (6.9 million) and the unem- ployment rate (4.5 percent) were essentially unchanged. The jobless rate has remained within a narrow range--4.4 to 4.6 percent--since September 2006. The unemployment rate for Hispanics (5.2 percent) edged down in February, following an increase in January. The rates for the other major worker groups--adult men (4.1 percent), adult women (3.8 percent), teenagers (14.9 percent), whites (4.0 percent), and blacks (7.9 percent)--showed little or no change. The unemployment rate for Asians was 2.7 percent, not seasonally adjusted.