US Job growth was weaker than expected in February, but the unemployment rate rose, signaling that the labor market in the world’s largest economy is still struggling amid high borrowing costs.
Nonfarm payrolls increased by a seasonally adjusted 151,000, better than the downwardly revised 125,000 in January, but less than the 170,000 consensus forecast from Dow Jones, the Labor Department’s Bureau of Labor Statistics reported Friday.
The unemployment rate edged higher to 4.1%.
The healthcare sector added 52,000 jobs, financial activities (21,000), and transportation and warehousing (18,000). Within government, federal government employment declined by 10,000 in February.
The average hourly wages in February increased by 0.3%, or $0.10, to $35.93, potentially indicating rising inflationary pressures from the labor market in the coming months.
In February, the average workweek for all employees on private nonfarm payrolls was unchanged at 34.1 hours.
Such data are likely to increase the possibility the Federal Reserve will continue with the monetary easing policy, given the slowdown in job creation despite the slight decline in unemployment.
Monthly US Job Data
Forecasts
Previous
Current
Change
Number of Jobs (‘000)
170
125
151
+26
Unemployment Rate (%)
4.1
4.0
4.1
+0.1%
Average Wage Per Hour ($)
—
35.83
35.93
+ 0.10
US Job growth was weaker than expected in February, but the unemployment rate rose, signaling that the labor market in the world’s largest economy is still struggling amid high borrowing costs.
Nonfarm payrolls increased by a seasonally adjusted 151,000, better than the downwardly revised 125,000 in January, but less than the 170,000 consensus forecast from Dow Jones, the Labor Department’s Bureau of Labor Statistics reported Friday.
The unemployment rate edged higher to 4.1%.
The healthcare sector added 52,000 jobs, financial activities (21,000), and transportation and warehousing (18,000). Within government, federal government employment declined by 10,000 in February.
The average hourly wages in February increased by 0.3%, or $0.10, to $35.93, potentially indicating rising inflationary pressures from the labor market in the coming months.
In February, the average workweek for all employees on private nonfarm payrolls was unchanged at 34.1 hours.
Such data are likely to increase the possibility the Federal Reserve will continue with the monetary easing policy, given the slowdown in job creation despite the slight decline in unemployment.
Monthly US Job Data
Forecasts
Previous
Current
Change
Number of Jobs (‘000)
170
125
151
+26
Unemployment Rate (%)
4.1
4.0
4.1
+0.1%
Average Wage Per Hour ($)
—
35.83
35.93
+ 0.10
