The Welch Consulting Employment Index fell 0.1 points to 103.3 in February. This modest retreat leaves it near the new high set in January.

The Welch Index measures full-time equivalent employment after adjustment for population growth and the aging of the workforce. An Index value of 100.0 indicates that adjusted full-time equivalent employment is the same as its level in the base year of 2004.

Over the past 12 months the Index has risen from 102.5 to 103.3. The increase in the Index over the past year means that full-time equivalent employment has been growing at a faster rate than the adult population.  Full-time equivalent employment increased 0.8% faster than the adult population over the past year (after making adjustments for the aging of the U.S. adult population). Looking back at the most recent 6 months, the Index rose from 102.7 in August to 103.3 currently. Nearly all of the growth in the past year has occurred in the past six months. The rate of change over the past year is in line with the trend for the last 3 years of an increase of about 1.1% per year.

In January the index for women rose, while the index for men fell. The index for women hit a record high of 107.1, up from 107.0. The index for women is up from 105.5 a year ago. The index for men fell back to the December level of 100.3, down from January’s record high of 100.5. Over the last three years the index for women is up 4.7 points while the index for men is up 2.1 points.

Technical Note: Full-time equivalent employment equals full-time employment plus one half of part-time employment from the BLS household survey (the Current Population Survey). The data reported for a given month is generally from the calendar week that contains the 12th day of the month. The Welch index adjusts for the changing age distribution of the population by fixing the age distribution of adults to the distribution in the base year of 2004. Seasonal effects for the share of workers employed in part-time jobs are removed in a regression framework using monthly indicator variables.