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Strong job growth in February

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Strong job growth in February

Unemployment rate drops to 5.5%.

Total nonfarm payroll employment rose by 295,000 in February, and the unemployment rate decreased to 5.5%, the U.S. Bureau of Labor Statistics reported today.

Consensus estimates had expected an increase of 240,000 new jobs.

 

Job gains occurred in food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing. Employment in mining was down over the month.


The historically low employment participation rate decreased only slightly to 62.8%.

The number of unemployed persons decreased in February, coming in at 8.7 million.


In February, average hourly earnings for all employees on private nonfarm payrolls increased just 3 cents to $24.78. Over the year, average hourly earnings have risen by 2.0%.


The full report can be found here.

 

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