There are also encouraging signs for employers, she said, noting some of the biggest gains were in industries that have been suffering from the deepest shortages since the pandemic. “And once again, we had a month in which we were adding jobs on net, and this is really good for workers.” “This report, it’s not about the Federal Reserve, it’s not about inflation, it’s about you it’s about how workers are doing,” said Claudia Sahm, founder of Sahm Consulting and a former Fed economist. The US economy added 311,000 jobs in February, outpacing expectations That is the lowest jobless level since May 1969. The unemployment rate in 2023 has fallen to 3.4%. Close to 2,000 people attended the job fair. Job seekers stand in line at the Hyatt booth setup at the Mega South Florida Job Fair held in the FLA Live arena on Februin Sunrise, Florida. The latest employment snapshot from the Bureau of Labor Statistics also showed only a slight downward revision to the January jobs total. January wasn’t a fluke and the labor market remains strongĮconomists were anticipating that January’s blockbuster 504,000 net job gain was an anomaly due to a combination of factors such as annual data adjustments, warm weather and employers hoarding workers.īut the US labor market in February showed that, overall, it remained fairly resistant to the Fed’s yearlong barrage of interest rate hikes. Here are some takeaways from Friday’s report: The report was a “mixed bag” at a time when the Fed - which this week signaled a more hawkish approach after a strong batch of recent economic data - is weighing to go lighter or heavier on rate hikes. Then again, the total of 311,000 net jobs added was significantly higher than expectations of 205,000, and the unemployment rate surprisingly grew to 3.6%. February’s jobs report had a little something for everyone.įor workers, there were jobs for employers, there were workers filling shortfalls caused by the pandemic for the Federal Reserve, there were indications that the labor market was loosening and wage pressures were easing.
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