National Jobs Report
Real time jobs report data summary. Figures are based on the latest data provided by the Bureau of Labor Statistics (BLS.gov). All jobs numbers are for non-farm employment.
The latest Bureau of Labor Statistics jobs report indicates 313,000 nonfarm jobs were added to the U.S. economy in February, exceeded expectations by 113,000 jobs. Andrew Chamberlain, chief economist for Glassdoor.com, told The Washington Post, “This is a result of fiscal stimulus — in other words: a $1.3 billion tax cut,” he said. “Businesses are making decisions on a forward-looking basis. Even if the dollars aren’t in the pockets of companies yet, they’re making plans.”
Employment numbers were up for financial activities, professional and business services and retail. Healthcare, construction, manufacturing and mining drove much of the growth. The unemployment rate holds firm at 4.1 percent for the fifth consecutive month (an 18-year low). The labor force participation rate rose to 63 percent, and initial jobless claims hover near their lowest level in a half century indicating efforts by employers to retain workers.
On the wage front, year-over-year wage growth dropped to 2.6 percent. While this may disappoint some workers, it comes as a relief to some investors and economists, who fear an overheated economy and inflation. Ellen Zentner, chief U.S. economist at Morgan Stanley told The New York Times the numbers are a “dream report” for Wall Street: strong job growth coupled with moderate wage growth. “I love it,” Ms. Zentner said. “We saw a flood of job seekers into the market. We were able to create enough jobs to accommodate new seekers and keep the unemployment rate steady.”
The stock market was heartened by the jobs numbers. CNBC reported that the Dow Jones industrial average futures rose 205 points, while S&P 500 and Nasdaq 100 futures gained 19.75 points and 54 points respectively. JJ Kinahan, chief market strategist at TD Ameritrade, said, “As far as the market is concerned, you couldn’t have scripted it any better,” but, “it still remains a mystery how you can create these many jobs and not have wages go up more.”
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.