The February employment report was officially released last week, giving deep insight into just how strong the labor market remains, two months into the new year. The information presented in the February employment report proves beneficial to both candidates and employers alike, with job growth across the board.
According to the ADP Research Institute’s National Employment Report for February 2020, private-sector employment increased by 183,000 jobs from January to February. Each month, the ADP National Employment Report measures the change in total nonfarm private employment on a seasonally-adjusted basis, reporting on changes by business size, sector, and industry.
Here’s everything you need to know about the February employment report:
Large companies saw the most job growth from January to February.
This month, companies across the board saw steady increases, although the most job growth was seen in large companies composed of more than 500 employees, with a total of 133,000 jobs added.
Medium-sized businesses came in second, citing a 26,000 job increase for companies made up of 50-499 employees.
Small businesses composed of 1-49 employees saw a 24,000 job increase, with 8,000 jobs added to businesses with less than 20 employees and 16,000 more jobs for companies with 20-49 employees.
The service-providing sector boasted the most job growth.
The service-providing sector contributed most to the job increase in nonfarm private employment, adding a total of 172,000 jobs across industries. Here’s a breakdown of the jobs added per industry in the service-providing sector:
- Education and health increased by 46,000 jobs.
- Leisure and hospitality jobs increased by 44,000.
- Professional and business increased by 38,000 jobs.
- Trade, transportation, and utilities increased by 31,000 jobs.
- Financial activity jobs increased by 9,000.
- Roles in other services increased by 7,000 jobs.
- Information roles decreased by 2,000 jobs.
The goods-producing sector also contributed to the overall increase in private-sector employment.
The goods-producing sector contributed to an 11,000 job increase in February. Construction saw the most growth, adding 18,000 jobs in the field, whereas the natural resources and mining industry saw 3,000 fewer jobs, and the manufacturing industry saw a 4,000 job decrease.
The increase in private-sector jobs from January to February suggests a strong and consistent labor market.
As seen by the 183,000 job increase, the labor market remains firm in the first half of the year. Specifically, job creation is seeing the most growth in large companies. Judging by the gains made in the February employment report, the labor market will continue to stay strong, exhibiting consistent growth in the coming months, which is great news for candidates and employers alike.
What does this mean for me?
As the labor market exhibits growth across industries and sectors, the future is looking up. With more and more opportunities available, candidates are actively searching for their dream roles. So, what are you waiting for? No matter what industry you’re in, Infinity Consulting Solutions (ICS) is here to help you find the perfect fit for your team. Begin your search for the right candidate today with ICS.