Exceeding expectations, the United States added 235,000 jobs to its economy in February, an upbeat report card that could help the Federal Reserve hike rates at a meeting this month.
The unemployment rate stood at 4.7 percent, lowering from 4.8 percent in January, as robust job creation in some key economic areas crossed previous estimates of 200,000 new employment additions.
The U.S. Bureau of Labor Statistics reported Friday that during February – that covers first month of the Donald Trump presidency – average hourly earnings for all employees on private nonfarm payrolls increased by 6 cents to $26.09, following a 5-cent increase in January.
Over the year, average hourly earnings have risen by 71 cents, or 2.8 percent. In February, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.86 in February.
The report says employment gains occurred in construction, private educational services, manufacturing, health care, and mining.
According to the Bureau, the number of unemployed persons, at 7.5 million, changed little in February. The unemployment rate, at 4.7 percent, was little changed over the month but was down from 4.9 percent a year earlier.
Among the major worker groups, the unemployment rate decreased for Whites to 4.1 percent in February, while the jobless rates for adult men (4.3 percent), adult women (4.3 percent), teenagers (15.0 percent), Blacks (8.1 percent), Asians (3.4 percent), and Hispanics (5.6 percent) showed little or no change, the report said.
The job numbers will likely boost Trump’s economic messaging. His ascent to the White House has seen the U.S. stock markets notch up record highs. Particularly his intent to spend on rebuilding American infrastructure and lower taxes has encouraged businesses.
In the Friday’s report, the Bureau of Labore Statistics says in February, construction employment increased by 58,000, with gains in specialty trade contractors (+36,000) and in heavy and civil engineering construction (+15,000). Construction has added 177,000 jobs over the past 6 months.
In private educational services employment rose by 29,000 in February, following little change in the prior month (-5,000). Over the year, employment in the industry has grown by 105,000.
Employment was also up in the manufacturing sector, adding 28,000 jobs in February. Employment rose in food manufacturing (+9,000) and machinery (+7,000) but fell in transportation equipment (-6,000). Over the past 3 months, manufacturing has added 57,000 jobs.
The statistics reveal that health care employment rose by 27,000 in February, with a job gain in ambulatory health care services (+18,000). Over the year, health care has added an average of 30,000 jobs per month.
In mining, employment increased by 8,000 in February, with most of the gain occurring in support activities for mining (+6,000). Mining employment has risen by 20,000 since reaching a recent low in October 2016.
In professional and business services employment continued to trend up in February (+37,000). The industry has added 597,000 jobs over the year.
The picture was a little bit down in retail trade employment, which edged down in February (-26,000), following a gain of 40,000 in the prior month. Over the month, job losses occurred in general merchandise stores (-19,000); sporting goods, hobby, book, and music stores (-9,000); and electronics and appliance stores (-8,000).
