News Worms
News Worms

Employment Increased By 313000 In February

Employment Increased By 313000 In February

Construction businesses added 61,000 jobs, while factories boosted payrolls by 31,000.

The new year brought the first significant wage increase in months, said Mark Hamrick, senior economic analyst at, a financial services firm in NY, and that trend is expected to continue as the labor market keeps tightening and more employers find themselves competing for workers.

Along those lines, average weekly earnings for production and nonsupervisory employees in manufacturing rose from $891.63 in January to $900.55 in February.

The January year-over-year wage increase originally was reported as 2.9 percent, an uptick that fueled fears of higher inflation.

The unemployment rate held steady at 4.1 percent, the lowest since 2000, as the labor force swelled by 806,000. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January.

Despite the strong employment growth, the unemployment rate did not decline, but again because of happy news as the labor force participation rate rose by 0.3 percent. Unemployment among Caucasians dropped to 3.5 percent.

The Labor Department said that was because on an unadjusted basis the sector hired fewer workers than usual for the holiday season and did not shed many jobs after the holidays. It didn't really happen previous year, when wage growth hit a bit of a lull.

Hourly wage growth, meanwhile, grew by 0.1 percent, a decrease from January, when it grew 0.3 percent. It said future decisions will continue to be guided by incoming data, such as the economy's sensitivity to higher rates, the evolution of economic capacity and changes to wage growth and inflation.

Employment gains were likely broad in February.

Statistics Canada's latest labour force survey, released Friday, showed the country lost 39,300 full-time jobs and generated 54,700 part-time positions in February. Service providers added 187,000 workers, including about 50,000 in retail, a sector that has been under pressure.

Bottom line: The US economy promises to keep adding jobs this year without overheating, lessening the risk of interest rate hikes by the Fed that could slam stocks. February also marked the 89th consecutive month of job gains, the longest streak since the Labor Department began keeping track in the 1940s. Hiring also picked up at retailers, manufacturers and local governments, including schools. Financial jobs climbed by 28,000 and health care by 9,000.


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