February Jobs Report

The February jobs report is out. Last month, the U.S. economy created 678,000 net new jobs. That’s a big beat. Expectations were for 440,000. The unemployment rate ticked down to 3.8%.

The revisions for the previous two months were +92,000. The broader U-6 rate was 7.2%.

The surprise is that the average hourly earnings figure was unchanged. Over the last year, average hourly earnings are up 5.1%.

Private payrolls increased by 654,000. Expectations were for 400,000. Manufacturing added 36,000 jobs.

The labor force participation rate was 62.3%. That’s a post-Covid high.

Posted by on March 4th, 2022 at 8:35 am


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