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GREAT AGAIN! February Jobs Gains Rocket to 235,000 as Unemployment Ticked Down

The jobs market is sizzling.

Domestic employers added a jaw-dropping 235,000 new jobs last month, while the unemployment rate ticked down to 4.7 percent, the Bureau of Labor Statistics reported Friday.

Both construction and manufacturing saw strong jobs gains.

Economists expected nonfarm payrolls to grow by 190,000, compared with 227,000 in January. Unofficially, however, expectations have been rising this week following a blowout jobs figure from ADP on Wednesday.

Wage pressure remains muted. Average hourly earnings rose 6 cents and 2.8 percent on an annualized basis. The average work week in the private sector was unchanged at 34.4 hours.

January’s employment was revised upward to 238,000 from the earlier read of 227,000.

The employment gains were broad based, occurring in construction, private sector educational services, manufacturing, health care and mining. The jobless rate for adult men and women was 4.3 percent. The labor force participation rate, at 63.0 percent was close to unchanged.

Construction employment increased by 58,000 jobs. Manufacturing added 28,000 jobs. Over the past 3 months, manufacturing has added 57,000 jobs. Health care employment rose by 27,000 jobs. Mining employment increased by 8,000 jobs.  Employment in business and professional services rose by 37,000 jobs.

The report covered the first full month of President Donald Trump’s administration. During the 2016 race, Trump was critical of the unemployment rate, arguing that it understated the level of joblessness in the United States.

 

 

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