The U.S. Bureau of Labor Statistics’ February 2024 Employment Situation report detailed current economic conditions, which show that the unemployment rate has increased to 3.9% nationwide, and the number of unemployed people increased by 334,000 to 6.5 million.

According to the report, the unemployment rates for adult women (3.5%) and teenagers (12.5%) increased over the month, whereas the jobless rates for adult men (3.5%), whites (3.4%), Blacks (5.6%), Asians (3.4%) and Hispanics (5%) showed little or no change during February.

The most notable job gains occurred in health care, government, food services and drinking establishments, social assistance, transportation and warehousing.

In addition, average hourly earnings for all employes on private payrolls increased by five cents to $34.57, following on the tail of January’s increase of 18 cents. Average hourly earnings were up by 0.1% in February and 4.3% over the year.

National Association of Realtors chief economist Lawrence Yun recently issued a statement regarding the current data surrounding jobs and the workforce, which paints, as he says, “a mixed picture.”

According to his statement, 275,000 net new payroll jobs were added in February, and there are 5.5 million more jobs now compared to the pre-COVID record high in early 2020.

Wages continue to boast a slow rise of 0.14%, though the annual wage gain of 4.3% is well above the consumer price inflation of 3.1%, says Yun.

He also pointed out that, with new jobs comes the increased real estate demand for housing, retail spaces, warehouses and hotel travel.

In his statement, Yun also stressed that home sales recorded the lowest activity in 2023 in nearly 30 years, adding, “There are 158 million payroll jobs today compared to 117 million when home sales were similarly low. It implies sizable potential real estate demand on the sidelines, ready to pounce once short-term conditions move favorably.”