U.S. employers added a robust 311,000 jobs in February in sign of a still-strong labor market despite Federal Reserve rate hikes.
but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation.
February’s sizable job growth shows that so far, hiring is continuing to strengthen this year after having eased in late 2022. From October through December, the average monthly job gain was 284,000. That average has surged to 351,000 for the past three months. What the Fed may decide to do about interest rates when it meets later this month remains uncertain. The decision will rest, in part, on its assessment of Friday’s jobs data and next week’s report on consumer inflation in February. Last month, the government’s report on January inflation had raised alarms by showing that consumer prices had reaccelerated on a month-to-month basis.
Nearly all of last month’s hiring occurred in services industries, with a category that includes restaurants, bars, hotels and entertainment adding 105,000 jobs, its second straight month of strong gains. Warmer-than-usual weather likely contributed to the gain. With the weather likely allowing more building projects to continue, construction companies added 24,000 jobs.
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