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Jobs · ORIGINAL ECONOMIC RELEASE

February 2019 Employment Situation

Total nonfarm payroll employment changed little in February (+20,000), and the unemployment rate declined to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment in professional and business services, health care,…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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Total nonfarm payroll employment changed little in February (+20,000), and the unemployment rate declined to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment in professional and business services, health care, and wholesale trade continued to trend up, while construction employment decreased.

Household Survey Data

The unemployment rate declined by 0.2 percentage point to 3.8 percent in February, and the number of unemployed persons decreased by 300,000 to 6.2 million. Among the unemployed, the number of job losers and persons who completed temporary jobs (including people on temporary layoff) declined by 225,000. This decline reflects, in part, the return of federal workers who were furloughed in January due to the partial government shutdown. (See tables A-1 and A-11.)

Among the major worker groups, the unemployment rates for adult men (3.5 percent), Whites (3.3 percent), and Hispanics (4.3 percent) decreased in February. The jobless rates for adult women (3.4 percent), teenagers (13.4 percent), Blacks (7.0 percent), and Asians (3.1 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.)

In February, the number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 1.3 million and accounted for 20.4 percent of the unemployed. (See table A-12.)

The labor force participation rate held at 63.2 percent in February and has changed little over the year. The employment-population ratio, at 60.7 percent, was unchanged over the month but was up by 0.3 percentage point over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) decreased by 837,000 to 4.3 million in February. This decline follows a sharp increase in January that may have resulted from the partial federal government shutdown. (Persons employed part time for economic reasons would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.) (See table A-8.)

In February, 1.4 million persons were marginally attached to the labor force, a decrease of 178,000 from a year earlier. (Data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the last 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 428,000 discouraged workers in February, little changed from a year earlier. (Data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.0 million persons marginally attached to the labor force in February had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment was little changed in February (+20,000), after increasing by 311,000 in January. In 2018, job growth averaged 223,000 per month. In February, employment continued to trend up in professional and business services, health care, and wholesale trade, while construction employment declined. (See table B-1.)

In February, employment in professional and business services continued to trend up (+42,000), in line with its average monthly gain over the prior 12 months.

Health care added 21,000 jobs in February and 361,000 jobs over the year. Employment in ambulatory health care services edged up over the month (+16,000).

In February, wholesale trade employment continued its upward trend (+11,000). The industry has added 95,000 jobs over the year, largely among durable goods wholesalers.

Employment in construction declined by 31,000 in February, partially offsetting an increase of 53,000 in January. In February, employment declined in heavy and civil engineering construction (-13,000). Over the year, construction has added 223,000 jobs.

Manufacturing employment changed little in February (+4,000), after increasing by an average of 22,000 per month over the prior 12 months.

In February, employment in leisure and hospitality was unchanged, after posting job gains of 89,000 and 65,000 in January and December, respectively. Over the year, leisure and hospitality has added 410,000 jobs.

Employment in other major industries, including mining, retail trade, transportation and warehousing, information, financial activities, and government, showed little or no change over the month.

The average workweek for all employees on private nonfarm payrolls decreased by 0.1 hour to 34.4 hours in February. In manufacturing, the average workweek declined 0.1 hour to 40.7 hours, while overtime was unchanged at 3.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls fell by 0.2 hour to 33.6 hours. (See tables B-2 and B-7.)

In February, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $27.66, following a 2-cent gain in January. Over the year, average hourly earnings have increased by 3.4 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 8 cents to $23.18 in February. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for December was revised up from +222,000 to +227,000, and the change for January was revised up from +304,000 to +311,000. With these revisions, employment gains in December and January combined were 12,000 more than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) After revisions, job gains have averaged 186,000 per month over the last 3 months.

Source: U.S. Bureau of Labor Statistics · Original release Mar 8, 2019.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read beyond one jobs number

The Employment Situation combines two surveys: establishment data measure payroll jobs, hours and earnings, while household data measure people’s employment status and the unemployment rate. A payroll-job change and an unemployment-rate change therefore answer different questions. Check the reference period, participation and revisions alongside the headline. Labor-market conditions inform the policy outlook, but a later mortgage-rate change can reflect many developments; this calendar window cannot identify the report as its cause. BLS Employment Situation tables and technical notes.

Nearest published observation on or before each target date
Benchmark30 days earlierFeb 6, 2019Publication referenceMar 8, 201930 days laterApr 7, 2019
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.46%Observed 4.41%Observed −5 bps vs. earlier reference4.08%Observed −33 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury2.70%Observed 2.62%Observed −8 bps vs. earlier reference2.50%Observed −12 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Dec 8, 2018 – Jun 8, 2019
Historical mortgage and Treasury observations around Mar 8, 2019Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.2.00%3.50%5.00%Publication date30-year fixed mortgage: 4.63% · Dec 13, 201830-year fixed mortgage: 4.62% · Dec 20, 201830-year fixed mortgage: 4.55% · Dec 27, 201830-year fixed mortgage: 4.51% · Jan 3, 201930-year fixed mortgage: 4.45% · Jan 10, 201930-year fixed mortgage: 4.45% · Jan 17, 201930-year fixed mortgage: 4.45% · Jan 24, 201930-year fixed mortgage: 4.46% · Jan 31, 201930-year fixed mortgage: 4.41% · Feb 7, 201930-year fixed mortgage: 4.37% · Feb 14, 201930-year fixed mortgage: 4.35% · Feb 21, 201930-year fixed mortgage: 4.35% · Feb 28, 201930-year fixed mortgage: 4.41% · Mar 7, 201930-year fixed mortgage: 4.31% · Mar 14, 201930-year fixed mortgage: 4.28% · Mar 21, 201930-year fixed mortgage: 4.06% · Mar 28, 201930-year fixed mortgage: 4.08% · Apr 4, 201930-year fixed mortgage: 4.12% · Apr 11, 201930-year fixed mortgage: 4.17% · Apr 18, 201930-year fixed mortgage: 4.20% · Apr 25, 201930-year fixed mortgage: 4.14% · May 2, 201930-year fixed mortgage: 4.10% · May 9, 201930-year fixed mortgage: 4.07% · May 16, 201930-year fixed mortgage: 4.06% · May 23, 201930-year fixed mortgage: 3.99% · May 30, 201930-year fixed mortgage: 3.82% · Jun 6, 201910-year Treasury: 2.85% · Dec 10, 201810-year Treasury: 2.89% · Dec 11, 201810-year Treasury: 2.91% · Dec 12, 201810-year Treasury: 2.91% · Dec 13, 201810-year Treasury: 2.89% · Dec 14, 201810-year Treasury: 2.86% · Dec 17, 201810-year Treasury: 2.82% · Dec 18, 201810-year Treasury: 2.77% · Dec 19, 201810-year Treasury: 2.79% · Dec 20, 201810-year Treasury: 2.79% · Dec 21, 201810-year Treasury: 2.74% · Dec 24, 201810-year Treasury: 2.81% · Dec 26, 201810-year Treasury: 2.77% · Dec 27, 201810-year Treasury: 2.72% · Dec 28, 201810-year Treasury: 2.69% · Dec 31, 201810-year Treasury: 2.66% · Jan 2, 201910-year Treasury: 2.56% · Jan 3, 201910-year Treasury: 2.67% · Jan 4, 201910-year Treasury: 2.70% · Jan 7, 201910-year Treasury: 2.73% · Jan 8, 201910-year Treasury: 2.74% · Jan 9, 201910-year Treasury: 2.74% · Jan 10, 201910-year Treasury: 2.71% · Jan 11, 201910-year Treasury: 2.71% · Jan 14, 201910-year Treasury: 2.72% · Jan 15, 201910-year Treasury: 2.73% · Jan 16, 201910-year Treasury: 2.75% · Jan 17, 201910-year Treasury: 2.79% · Jan 18, 201910-year Treasury: 2.74% · Jan 22, 201910-year Treasury: 2.76% · Jan 23, 201910-year Treasury: 2.72% · Jan 24, 201910-year Treasury: 2.76% · Jan 25, 201910-year Treasury: 2.75% · Jan 28, 201910-year Treasury: 2.72% · Jan 29, 201910-year Treasury: 2.70% · Jan 30, 201910-year Treasury: 2.63% · Jan 31, 201910-year Treasury: 2.70% · Feb 1, 201910-year Treasury: 2.73% · Feb 4, 201910-year Treasury: 2.71% · Feb 5, 201910-year Treasury: 2.70% · Feb 6, 201910-year Treasury: 2.65% · Feb 7, 201910-year Treasury: 2.63% · Feb 8, 201910-year Treasury: 2.65% · Feb 11, 201910-year Treasury: 2.68% · Feb 12, 201910-year Treasury: 2.71% · Feb 13, 201910-year Treasury: 2.66% · Feb 14, 201910-year Treasury: 2.66% · Feb 15, 201910-year Treasury: 2.65% · Feb 19, 201910-year Treasury: 2.65% · Feb 20, 201910-year Treasury: 2.69% · Feb 21, 201910-year Treasury: 2.65% · Feb 22, 201910-year Treasury: 2.67% · Feb 25, 201910-year Treasury: 2.64% · Feb 26, 201910-year Treasury: 2.69% · Feb 27, 201910-year Treasury: 2.73% · Feb 28, 201910-year Treasury: 2.76% · Mar 1, 201910-year Treasury: 2.72% · Mar 4, 201910-year Treasury: 2.72% · Mar 5, 201910-year Treasury: 2.69% · Mar 6, 201910-year Treasury: 2.64% · Mar 7, 201910-year Treasury: 2.62% · Mar 8, 201910-year Treasury: 2.64% · Mar 11, 201910-year Treasury: 2.61% · Mar 12, 201910-year Treasury: 2.61% · Mar 13, 201910-year Treasury: 2.63% · Mar 14, 201910-year Treasury: 2.59% · Mar 15, 201910-year Treasury: 2.60% · Mar 18, 201910-year Treasury: 2.61% · Mar 19, 201910-year Treasury: 2.54% · Mar 20, 201910-year Treasury: 2.54% · Mar 21, 201910-year Treasury: 2.44% · Mar 22, 201910-year Treasury: 2.43% · Mar 25, 201910-year Treasury: 2.41% · Mar 26, 201910-year Treasury: 2.39% · Mar 27, 201910-year Treasury: 2.39% · Mar 28, 201910-year Treasury: 2.41% · Mar 29, 201910-year Treasury: 2.49% · Apr 1, 201910-year Treasury: 2.48% · Apr 2, 201910-year Treasury: 2.52% · Apr 3, 201910-year Treasury: 2.51% · Apr 4, 201910-year Treasury: 2.50% · Apr 5, 201910-year Treasury: 2.52% · Apr 8, 201910-year Treasury: 2.51% · Apr 9, 201910-year Treasury: 2.48% · Apr 10, 201910-year Treasury: 2.51% · Apr 11, 201910-year Treasury: 2.56% · Apr 12, 201910-year Treasury: 2.55% · Apr 15, 201910-year Treasury: 2.60% · Apr 16, 201910-year Treasury: 2.59% · Apr 17, 201910-year Treasury: 2.57% · Apr 18, 201910-year Treasury: 2.59% · Apr 22, 201910-year Treasury: 2.57% · Apr 23, 201910-year Treasury: 2.53% · Apr 24, 201910-year Treasury: 2.54% · Apr 25, 201910-year Treasury: 2.51% · Apr 26, 201910-year Treasury: 2.54% · Apr 29, 201910-year Treasury: 2.51% · Apr 30, 201910-year Treasury: 2.52% · May 1, 201910-year Treasury: 2.55% · May 2, 201910-year Treasury: 2.54% · May 3, 201910-year Treasury: 2.51% · May 6, 201910-year Treasury: 2.45% · May 7, 201910-year Treasury: 2.49% · May 8, 201910-year Treasury: 2.45% · May 9, 201910-year Treasury: 2.47% · May 10, 201910-year Treasury: 2.40% · May 13, 201910-year Treasury: 2.42% · May 14, 201910-year Treasury: 2.37% · May 15, 201910-year Treasury: 2.40% · May 16, 201910-year Treasury: 2.39% · May 17, 201910-year Treasury: 2.41% · May 20, 201910-year Treasury: 2.43% · May 21, 201910-year Treasury: 2.39% · May 22, 201910-year Treasury: 2.31% · May 23, 201910-year Treasury: 2.32% · May 24, 201910-year Treasury: 2.26% · May 28, 201910-year Treasury: 2.25% · May 29, 201910-year Treasury: 2.22% · May 30, 201910-year Treasury: 2.14% · May 31, 201910-year Treasury: 2.07% · Jun 3, 201910-year Treasury: 2.12% · Jun 4, 201910-year Treasury: 2.12% · Jun 5, 201910-year Treasury: 2.12% · Jun 6, 201910-year Treasury: 2.09% · Jun 7, 2019Dec 8, 2018Mar 8, 2019Jun 8, 2019
30-year fixed mortgage26 observations10-year Treasury124 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$1,504.06/month

4.41% · Mar 7, 2019

At the later reference$1,446.12/month

4.08% · Apr 4, 2019

The illustrative principal-and-interest payment is $57.94 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

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