Quikrete Industry Dashboard: Unemployment update

The unemployment rate rose to 3.9% in February compared to 3.7% in January, the Bureau of Labor Statistics reported this morning.

According to the latest Employment Situation Summary, the number of unemployed people increased by 334,000 to 6.5 million. A year earlier, the jobless rate was 3.6 percent, and the number of unemployed people stood at 6 million.

Altogether, total nonfarm payroll employment increased by 275,000 jobs in February.

Construction employment continued to gain ground as 23,000 jobs were added in February. The bureau said this is in line with the average monthly gain of 18,000 jobs over the prior 12 months. Heavy and civil engineering construction added 13,000 jobs.

While government employment increased by 52,000 in February, retail jobs gained just 19,000 positions. 

And as general merchandise retailers added 17,000 jobs, positions at building material and garden equipment and supplies dealers fell by 6,000.

Employment in transportation and warehousing moved forward by 20,000 in February. Couriers and messengers added 17,000 jobs, after losing 70,000 jobs over the prior 3 months.

At fuel pumps, prices continue to creep upward.

AAA reports that the national average for a gallon of gasoline has increased to $3.40 as of March 8. The average price per gallon stood at $3.33 a week ago and at $3.15 a month ago. 

Prices are reaching the level of a year ago, which was $3.44 per gallon on March 8, 2023.

The average national price for diesel fuel was at $4.05 on March 8 compared to $4.06 a week prior and $3.95 one month ago.