That’s about how many people were newly unemployed in February, according to the U.S. Labor Department.
The 2,028,000 who lost a job last month after holding one in the previous month rose for the third consecutive month, from 1,910,000 in January, 1,717,000 in December 2013 and 1,564,000 in November 2013. The newly unemployed in February accounted for about 1.3 percent of the civilian workforce of 155,724,000, according to data compiled by Bloomberg.
Employers added more workers than projected last month, the jobs data show.
“The 175,000 gain in employment followed a 129,000 increase the prior month that was bigger than initially estimated,” according to the Labor Department data, Bloomberg’s Jeanna Smialek reported. “The jobless rate rose to 6.7 percent from 6.6 percent as the number of people joining the workforce swamped the quantity of jobs available.”
Long-term unemployment continues to be historically high. About 3.85 million people last month were unemployed for more than 26 weeks, up 203,000 from January, the jobs report said.
“We are very focused on and concerned about the high level of long-term unemployment,” Federal Reserve Chair Janet Yellen told the Senate Banking Committee last month.
While the Fed doesn’t have “tools that are targeted at long-term unemployment,” she said, its approach “is to foster a stronger recovery and try to get the economy back to full employment.”