February Jobs Report: Another Strong Month for the U.S. Economy
In a boost to the nation’s economic outlook, the Labor Department’s latest report reveals an increase in job creation, defying expectations of a slowdown. In February, employers added 275,000 jobs, marking the third consecutive month of gains exceeding 200,000.
Notably, average hourly earnings increased 4.3 percent over the year. While this growth is commendable, it’s important to note that the pace of these increases has begun to ease, despite consistently outpacing inflation since May.
Key sectors contributing to job gains in February include healthcare and government, with construction maintaining its upward trajectory. Notably, industries such as retail, restaurants, transportation, and warehousing, which had previously stagnated, showed signs of revitalization.
Restaurants and bars, for instance, added 42,000 jobs, while social assistance and transportation sectors witnessed modest gains. Construction payrolls increased by 23,000, supported by favorable weather conditions. However, professional and business services saw only modest increases, with temporary help services hiring declining for the 22nd consecutive month.
The manufacturing sector, however, faced headwinds due to elevated interest rates, shedding 4,000 jobs.
Sectors like healthcare and government, rebuilding from pandemic-induced losses, spearheaded employment growth last month. Healthcare payrolls surged by 67,000, propelled by hiring in ambulatory healthcare services and hospitals. Government employment also saw a notable increase of 52,000, spread across local and federal entities.
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