Payroll employment increased in February; unemployment rose to 4.7%

OLYMPIA — Washington’s economy added an estimated 2,600 jobs (seasonally adjusted) and the monthly unemployment rate rose from 4.6% in January to 4.7% in February.

Last month’s unemployment rate is the highest recorded rate since 2021. It also marked the fifth consecutive month of increasing unemployment rates in Washington.

Job growth remains positive, but the overall trend has slowed in recent months as net employment continues to increase in some industries and decrease in others.

“Over the past several months, the unemployment rate has increased bit by bit,” said Employment Security Department (ESD) Chief Labor Economist Anneliese Vance-Sherman. “That 4.7% unemployment rate signals a possible shift from an unusually tight labor market that characterized the post COVID-19 pandemic period.”

Read More: https://esd.wa.gov/newsroom/february-2024-monthly-employment-report