Unemployment ticks up to 6.7 percentPosted on
The unemployment rate remained relatively unchanged in February at 6.7 percent.
The Department of Labor reported that the number of unemployed and the rate of unemployment was down by 1.6 million and 1 percentage point for the year.
The economy added 175,000 jobs in February, Department of Labor data showed. That was above the 150,000 economists expected, according to a Forbes article.
The unemployment rate ticked up to 6.7 percent, from 6.6 percent, in January. The labor force participation rate came in at 63 percent, unchanged from the previous month. The employment-population ratio also was consistent, at 58.8 percent.
Employment numbers were revised up by 16,000 for January, bringing the number to 129,000 jobs. December was revised up by 9,000, from 75,000 to 84,000, so total employment gains for these months were 25,000 greater than previously reported. Job growth averaged 189,000 in the prior 12 months.
The sectors that added the most jobs were business services (79,000), food services (21,000) and wholesale trade (15,000).
The growth sectors were partially offset by declines of 16,000 in information technology employment and 4,000 in retail trade.
Employment in manufacturing and transportation were little changed.