An in-depth look at The U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment reveals that employment numbers increased by 379,000 in February and the unemployment rate was little changed at 6.2%. However, employment in the construction sector fell by 61,000 — a reflection of the declines in nonresidential specialty trade contractors (-37,000) and heavy and civil engineering construction (-21,000). Severe winter weather across much of the country may have held down employment in construction. Employment in the industry is 308,000 below its level a year earlier. Combined residential and non-residential employment totaled 7.3 million in February.
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THE EMPLOYMENT SITUATION — FEBRUARY 2021