Total nonfarm payroll employment increased by 235,000 in February, and the
unemployment rate was little changed at 4.7 percent, the U.S. Bureau of
Labor Statistics reported today. Employment gains occurred in construction,
private educational services, manufacturing, health care, and mining.
Household Survey Data
The number of unemployed persons, at 7.5 million, changed little in February.
The unemployment rate, at 4.7 percent, was little changed over the month but
was down from 4.9 percent a year earlier.
A wave of hiring in February — President Trump’s first full month in office — pointed to a strong foundation for the nation’s economy, providing further evidence for the Federal Reserve that the moment to raise interest rates has come.
The Labor Department reported a gain of 235,000 jobs and healthy wage growth in a month when even the weather cooperated. It was the last major data release before Fed policy makers meet Tuesday and Wednesday, when they have signaled their intent to increase the benchmark interest rate.
“The economy is riding a wave of bullish sentiment postelection,” said Andrew Chamberlain, chief economist at Glassdoor, a career website. “We’re seeing strong labor demand across the board and no sign of slowing right now.”
Chosen excerpts by Job Market Monitor. Read the whole story at Steady U.S. Job Growth Sets Stage for Fed to Raise Interest Rates – The New York Times