February Marks a Milestone in Job Growth Since 2007
According to our sources, the month of February indicated significant momentum in the labor market. The month saw an addition of 103,000 jobs reflecting the most robust February performance in over a decade. This growth in the labor market has consequently resulted in a decrease in the unemployment rate, with 7,452 fewer registered unemployed individuals.
Employment Sectors at the Forefront of Job Creation
The hospitality and education sectors played an instrumental role in job creation, contributing 29,000 new affiliates each. The resurgence is especially commendable for the hospitality sector that had previously been hit hard in January. Similarly, the construction and manufacturing sectors noted an upswing in job numbers. Conversely, areas such as healthcare and trade reported the most prominent losses in affiliates.
February’s total number of affiliates rose to an impressive 20.7 million, making it the highest for this month in recorded history.
Women’s Participation in the Labor Market
Women have significantly impacted the recent employment rate. Over half of the jobs created in the past year have been attributed to women, raising their total membership to 47.3%.
A Look at Employment Stability
There is encouraging improvement in employment stability too, with a staggering 87.3% of affiliates having an indefinite contract. This is the highest recorded rate of employment stability.
A Decline in Unemployment Figures
February unemployment figures were promising in comparison to the previous year, showcasing a decrease of 7,452 registered unemployed individuals. The total unemployed counts at 2.7 million, marking it the lowest for February since 2008.
Sector and Regional Success in Decreasing Unemployment
The decrease in unemployment was notably significant in the services sector, followed by construction and the industry sector. The agriculture sector also demonstrated a slight decrease in unemployment.
On a regional scale, Andalusia reported the largest decrease in unemployment, adding to the overall positive performance of the labor market in February.
