by Calculated Risk on 3/04/2022 08:44:00 AM

From the BLS:

Total nonfarm payroll employment rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction.

The change in total nonfarm payroll employment for December was revised up by 78,000, from +510,000 to +588,000, and the change for January was revised up by 14,000, from +467,000 to +481,000. With these revisions, employment in December and January combined is 92,000 higher than previously reported.
emphasis added

Click on graph for larger image.

The first graph shows the year-over-year change in total non-farm employment since 1968.

In February, the year-over-year change was 6.67 million jobs.  This was up significantly year-over-year.

Total payrolls increased by 678 thousand in February.  Private payrolls increased by 654 thousand, and public payrolls increased 24 thousand.

Payrolls for December and January were revised up 92 thousand, combined.

The second graph shows the job losses from the start of the employment recession, in percentage terms.

The current employment recession was by far the worst recession since WWII in percentage terms. However, the current employment recession, 24 months after the onset, is now significantly better than the worst of the "Great Recession".

The third graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate increased to 62.3% in February, from 62.2% in January. This is the percentage of the working age population in the labor force.

The Employment-Population ratio increased to 59.9% from 59.7% (blue line).

I'll post the 25 to 54 age group employment-population ratio graph later.

The fourth graph shows the unemployment rate.

The unemployment rate decreased in February to 3.8% from 4.0% in January.

This was above consensus expectations; and November and December payrolls were revised up by 92,000 combined.  

I'll have more later ...