US Likely Gains 220000 Jobs in February

US Likely Gains 220000 Jobs in February

The U.S. economy added 313,000 jobs in February, according to the latest report from the U.S. Bureau of Labor Statistics. The Labor Department reported that the USA economy added 313,000 jobs in February, beating expectations by 100K.

USA job growth surged in February, recording its biggest increase in more than 1-1/2 years, but a slowdown in wage gains pointed to only a gradual increase in inflation this year.

The unemployment rate remained at 4.1%, the lowest rate in more than 17 years, while the labor force participation rate increased to 63% from 62.7% during the month.

Wow. That may be the best one-word response to Friday's news that the United States economy added 313,000 jobs in February, across a range of sectors ranging from construction to business services.

Average hourly earnings in February were up 4 cents (to $26.75) following a 7-cent gain the month before. This is a healthy jobs report, with somewhat better than expected payroll and earnings growth, but in many respects it reflects last year's labor market trends.

The average work week rose by 0.1 hours to 34.5 hours. The January report was "a pretty positive backdrop for household income, in stark contrast to last year, when wage growth was stagnant and income growth was slowing on a year-over-year basis".

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Manufacturing added 31 k jobs in February and over the past year manufacturing has added 224,000 jobs.

The government also revised up its estimate of job growth in December and January by a combined 54,000.

Wage growth slowed, and the spike reported last month was revised lower. Hiring was solid across a wide range of industries in February, including higher-paying sectors such as construction, which added 61,000 jobs, the most since 2007, before the Great Recession began.

Employment data from the US Department of Labor (DOL) is due to be released later in the day. This chart shows the monthly increases in jobs (the numbers are in thousands). "We saw a flood of job seekers into the market".

Despite the rise, the unemployment rate held steady at 4.1%, where it has hovered since October.

The rate was unchanged from December but remains above the national rate of 4.1 percent. As a result, retail employment rose after the seasonal adjustment, the department said. But if wages and inflation were to shoot up sharply, Fed officials might be compelled to raise short-term interest rates more aggressively than planned to prevent the economy from overheating.

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