Retail trade employment rose by 50,300. Today's jobs numbers should further cement the likelihood of another short-term rate hike by the Federal Reserve in March. Job growth over the previous year has typically been closer to 200,000 with a few exceptions. It was the largest one-month increase in the labor pool since 1983, outside months that included one-time Census hiring.
Increasing participation by men of prime working age - between 25 and 54 years - has helped drive the labour force participation rate higher in recent months, reflecting a resurgence in sectors such as manufacturing. Considering how strong demand is for labor, policymakers at the Federal Reserve may not want to risk runaway wage gains as employers try increasingly to attract candidates, according to Bloomberg.
US job gains in February remained robust with jobless rate at 17-year low for five months running.
How much workers are being paid has remained a concern despite the positive trends elsewhere. Second, digging a little deeper into the earnings data reveals that earnings for non-supervisory workers was well short of the headline 2.9 percent, meaning that the broad-based earnings gains from a healthy labor market remain elusive. The 2.9% pace of growth was revised down to 2.8%, showing that wages picked up but not as quickly as initially thought. "This report has a Goldilocks feeling about it: incredibly strong growth but no real wage pressure", said Luke Bartholomew, an investment strategist at Aberdeen Standard Investments.
In January, when the year-over-year rate of growth in average hourly earnings rose to 2.9 percent, it even sparked a mini-panic in the stock market, contributing to a broad reassessment of inflation risks in the economy. It's based in the United Kingdom. "We'll see how long that can continue".
The number of people that have given up looking for jobs, so-called discouraged workers, declined 149,000 from the same month a year ago. Critics have countered the gains are primarily due to what Obama was able to accomplish before leaving office. Investors seem to believe the February numbers will keep the Fed on track to raise interest rates slowly and steadily.
Over the past year, the total number of nonfarm jobs in Pennsylvania increased 1.1 percent. (See table A-12.) The civilian labor force rose by 806,000 in February. "There are some places where there is a great labor shortage". He had estimated 300,000 job gains, the highest projection in Bloomberg's survey.
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