The US economy continued to add new jobs in February, exceeding analysts’ estimates, while in the previous two months the employment boost was stronger than originally estimated.
In particular, the economy added another 678,000 jobs in February, according to data released today by the US Department of Labor. The unemployment rate fell further to 3.8% from 4%.
Analysts’ average estimates in a Bloomberg poll were for an increase of 423,000 with unemployment falling to 3.9%.
At the same time, the Ministry of Labor revised upwards the data for the previous two months, announcing an increase of 588,000 for December (from 510,000 previously) and 481,000 for January (from 467,000).
Today’s figures – the latest before the next Federal Reserve monetary policy meeting on March 15 and 16 – show that labor market conditions continue to improve rapidly, which is expected to lead to higher incomes and higher spending.
Hourly wages rose 1 cent to $ 31.58 in February. Employee pay has risen sharply in recent months at the fastest pace since the early 1980s.
Speaking to Congress this week, Federal Reserve Chairman Jerome Powell described labor market conditions as “extremely tight,” saying he would support raising interest rates by 25 basis points at an upcoming bank meeting. He added that the central bank would be ready to “move more aggressively” if inflation did not fall, according to Fed officials.
Source: Capital
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