United States adds 313000 jobs in February, unemployment rate remains at 4.1%

United States adds 313000 jobs in February, unemployment rate remains at 4.1%

The U.S. economy added 313,000 jobs in February, according to the latest report from the U.S. Bureau of Labor Statistics. Construction gained a robust 61,000 employees. The unemployment rate had been expected to dip to 4.0 percent. Despite the month-over-month increase, which is likely attributable to seasonal factors, the industrys unemployment rate is a full percentage point lower than at the same time one year ago.

Construction accounted for one-fifth of net new job creation in the USA last month, Associated Builders and Contractors Chief Economist Anirban Basu noted in a statement from the organization. Economists appeared split over what caused the higher-than-projected surge of jobs.

"The February jobs report was as good as it gets", Doug Duncan, chief economist at Fannie Mae, said. "If demand for products hasn't gone up, there's not more work for these companies to be doing".

Better hiring was supported by Americans entering the workforce in larger numbers. "They like the outlook for growth and how supportive federal policy will be for it".

Associated Builders and Contractors (ABC) is a national construction industry trade association established in 1950 that represents more than 21,000 members. Nonresidential construction job creation was broad based—supported by nonresidential builders, heavy and civil engineering, and specialty trade contractors alike.

But it offered "a false picture of a "Goldilocks" economy" for financial markets, she said in a research note.

This news site was critical of the GOP tax plan - arguing it didn't provide enough tax relief and didn't target the relief it did provide where it was (is) needed most, middle income earners.

Labor Secretary Alec Acosta doubled down on the stance Trump's tax moves unleashed growth in a statement Friday.

United States adds 313000 jobs in February, unemployment rate remains at 4.1%
United States adds 313000 jobs in February, unemployment rate remains at 4.1%

Manufacturers expanded at the fastest pace in almost 14 years in February, according to a survey of purchasing managers. The civilian labor force rose by over 800,000, and the labor force participation rate increased by three-tenths of a point over the month to 63 percent. Companies have added an average of 242,000 jobs a month over the past three months, above 2017's pace of 182,000. Eighteen states lifted their minimum wages at the start of the year, including Ohio, Florida, Washington and Maine.

In February, there were about 6.7 million unemployed people (those who have actively looked for work in the past four weeks), and 373,000 so-called "discouraged workers" (those who are not looking for work because they think there are no available jobs for them).

But the share of Americans who are either working or looking for jobs in February remained lower than economists would like to see. The participation rate, which reflects people who are working or looking for a job, registered its best one-month gain in almost eight years and is at 63%.

Most economists expect growth to pick up in the coming months and to accelerate inflation slightly by year's end.

The last time unemployment was as low, in late 2000, wages were rising at a much faster pace.

"If they can't afford childcare, they're not going to work", she said. Worker compensation also expanded, but not in a way that suggests problematic inflation.

The labor force increased by 2,200 from 3,657,300 in December, as 3,900 more residents were employed and 1,700 fewer residents were unemployed over the month.

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