February saw a 151,000 increase in non-farm payroll employment, maintaining the unemployment rate at 4.1%. Key sectors experiencing job growth include health care, finance, and transportation, while federal government jobs saw a decline. Predictions for 2025 suggest job growth may range from 133,000 to 151,000 monthly, with uncertainties around government job losses and consumer spending impacting future growth. Housing and construction sectors remain crucial, especially as builders grapple with high mortgage rates and lumber tariffs, challenging overall economic health and employment stability.
Total non-farm payroll employment rose by 151,000 in February, with employment trending up in health care, financial activities, transportation and warehousing, and social assistance.
Our jobs growth forecast for 2025 is between 133,000 and 151,000 jobs, but achieving similar results as last year will be challenging due to reduced economic spending.
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