US Hiring Surges, With 313000 Jobs; Unemployment Flat

US Hiring Surges, With 313000 Jobs; Unemployment Flat

US Hiring Surges, With 313000 Jobs; Unemployment Flat

The United States economy came to life during the month of February, adding a whopping 313,000 jobs according to data released on Friday by the U.S. Bureau of Labor Statistics (BLS).

The unemployment rate, meanwhile, remained stable at 4.1 percent, the same as in January.

The number of people marginally attached to the workforce (that is, discouraged workers now not looking for work because they believe no jobs are available for them) has fallen by almost 150,000 from this same point a year ago, and the number of employed black Americans is hitting record highs. The Brownsville-Harlingen area was at 6.8 percent.

“ABC has been indicating that 2018 would represent the best year for the USA economy since at least 2005, ” said Basu. February was the fifth month in a row that the USA unemployment rate was at 4.1 percent, which is also a 17-year-low, according to the Labor Department.

US employers have added to payrolls for 89 straight months, extending the longest continuous jobs expansion on record. Hiring in the first two months of 2018 is outpacing 2017's average monthly growth of 182,000.

The jobs report went down well on Wall Street.

"With 31,000 manufacturing jobs added in February, and more on the way in places like Granite City, Ill., and Hawesville, Ky., I'm very optimistic about the benefits of the tariffs", he said.

Although Powell said there was no evidence of the economy overheating, he added "the thing we don't want to have happen is to get behind the curve".

"We think that this economy is humming along", he told Bloomberg TV, giving some credit to the tax cuts that took effect at the start of the year.

Researchers at the Bureau of Labor Statistics make their estimates based on a sample of employer payrolls (and the numbers are recalculated as more companies transmit information). For the week, the Dow and the S&P gained more than 3 percent. "Stock markets are reacting accordingly", said Harm Bandholz, chief USA economist at UniCredit Bank in NY.

The 229,000 net new jobs added when factoring out those sectors was the best since July 2016, he said. USA employers have also benefited from a strengthened global economy. The current nine-year economic expansion is the second-longest in the nation's history, and by midsummer would be the longest. After a January uptick that spooked markets and seemed to portend a future of improving pay, wage growth in February sank back to the roughly 2.6 percent annual increase level that it has been mired in throughout the recovery.

In addition to this, workers saw their pay increase as average hourly earnings rose by 4 cents to $26.75, which follows a 7-cent gain in January.

Manufacturers expanded at the fastest pace in almost 14 years in February, according to a survey of purchasing managers. That was down from 2.8 percent for the 12 months that ended January 31. Since October, average hourly earnings are up more than 1 percent, which if annualized comes to 3.2 percent, meaning that despite a soft February number, this winter has been a time of acceleration in wage growth. Those concerns triggered a bout of financial market turmoil, as investors feared higher interest rates were coming to keep inflation in check.

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