Construction sees best month of job growth since March 2007
01:20, Mar 11, 2018
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The U.S. economy added 313,000 jobs in February, according to the latest report from the U.S. Bureau of Labor Statistics.
The unemployment rate remained steady even though more workers joined the job hunt, lifting the labour force participation rate up to 63 percent.
In February, there were about 6.7 million unemployed people (those who have actively looked for work in the past four weeks), and 373,000 so-called "discouraged workers" (those who are not looking for work because they think there are no available jobs for them).
But average hourly pay grew by only 2.6% in February from this time last year, a drop from January's year-over-year improvement of 2.9%. He is now offering software developers 20 percent more in salary than he did just two years ago.
What's most remarkable is that this is happening nine years into an economic recovery that already has pushed the unemployment rate down to 4.1 percent and generated 89 straight months of job growth, a feat that seems to have cheered investors Friday, pushing stock prices way up.
On March 7, payroll services firm ADP Inc. issued its monthly employment report, stating that nonfarm payroll employment rose by 235,000 jobs in February.
The payrolls gain was the most since July 2016 and triple the roughly 100,000 jobs the economy needs to create each month to keep up with growth in the working-age population.
The move, which adds a 25% tariff on steel imports and a 10% tariff on aluminum tariffs from every country except Mexico and Canada, could cost the industry almost 30,000 jobs, according to a study by The Trade Partnership.
"Certainly to see more than 300,000 jobs added in a month in this point in the economic cycle ... is a stunner". But the White House should pay attention to what got us here, and do more of it.
"We think that this economy is humming along", he told Bloomberg TV, giving some credit to the tax cuts that took effect at the start of the year. The huge gain in the number of people working is a prime example of the kind of good things that they've been predicting might happen if the economy had more room to improve than that 4.1 percent jobless number might suggest.
"The headline number is pretty outstanding", says Cathy Barrera, chief economist at ZipRecruiter, a job recruitment site.
Clothing and general merchandise retailers hired less than they were expected to before the holidays but afterwards laid off fewer workers than expected, resulting in apparent gains for the sector after seasonal adjustment, the report said.
"While the employment gains unequivocally suggest underlying strength in the economy, wage gains remain muted enough for the Fed to continue with an only gradual normalization of the policy stance".
Franchise employment rose by 24,700 jobs in February, including 1,500 in auto parts and dealers, according to ADP.
Gross domestic product estimates for the January-March quarter are around a 2 percent annualized rate.
The January year-over-year wage increase originally was reported as 2.9 percent, an uptick that fueled fears of higher inflation.
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