Jobs report positive for February
NEW YORK, NY - The latest jobs report released by the government on Friday contained good news, with impressive employment gains in low-, middle- and high-wage industries. 313,000 jobs were added last month, the most since July 2016 and the 89th straight month of gains, a record. The unemployment rate was 4.1 percent, the same as in January and still a 17-year low. The average hourly wage grew by 0.1 percent. It grew by 0.3 percent in January.
For Wall Street, the combination of a strong job growth and a modest rise in wages makes for a dream report. "I love it," said Ellen Zentner, chief United States economist at Morgan Stanley. "We saw a flood of job seekers into the market. We were able to create enough jobs to accommodate new seekers and keep the unemployment rate steady."
Job growth has been consistently strong in recent months. With revisions announced Friday, the monthly average job growth for February, January and December was 242,000. The labor force grew by 806,000, pushing the participation rate back up to the 63 percent mark. Other information released by the government this week showed initial jobless claims still near their lowest level in almost 50 years, suggesting layoffs are down and employers are holding on to their workers.