It’s Not All Bad News Behind the Highest US Jobless Rate in Two Years
- More people entering labor force boosted February unemployment
- Jobs report also showed strong pace of hiring, moderating pay
Job seekers attend a Veteran Employment and Resource Fair in Long Beach, California.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
The US employment rate climbed to a two-year high in February. It’s a setback for those who lost their jobs, but it hardly signaled doom and gloom in the labor market.
To be considered unemployed by the Bureau of Labor Statistics, a person has to be actively trying to find work — otherwise they’re not part of the labor force at all. Last month, there was a big jump in people coming off the sideline to join the workforce — both for the first time and those trying again — helping boost the jobless rate to 3.9%, the highest since January 2022.