February jobs surge with 678,000 additions
The unemployment rate ticked down to 3.8%
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The February jobs showed a surprising gain of 678,000 positions blowing past the 400,000 estimates.
"Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction" as noted by the Bureau of Labor Statistics.
Unemployment
The Unemployment rate fell to 3.8%, the lowest number since the coronavirus hit the U.S. and down from 4.0% in January.
Recruiters and job seekers are at a job fair in Golden, Colorado. (REUTERS/Rick Wilking / Reuters Photos)
Payrolls
Earlier this week, ADP's latest national employment report – which is seen as a precursor to the federal government's report – showed employers added 475,000 jobs in February. That's well more than the 388,000 that were expected.
In January, economists only expected 150,000 jobs gained, an estimate that was blown out of the water when last month's report showed 467,000 new nonfarm jobs added to payrolls.
Signs for employment opportunities are posted at an exit ramp off of Interstate 79 in Zelienople, Pennsylvania. (AP Photo/Keith Srakocic)
MANUFACTURERS OFFER ‘UPSKILLING’ AND SEEK ‘CREATORS’ TO FILL OVER 800,000 JOBS
Participation
The labor participation rate stood at 62.3% inline with the prior month as Americans return to the workforce after a mass exodus brought on by the coronavirus but have yet to reach prepandemic levels. Open jobs in the U.S. sat at a near-record 10.9 million in January.
Wages
Average hourly earnings rose by 5.1% year over year for February, up from 5.7% the month before. But surging inflation – which hit a 40-year high of 7.5% year over year in January – has erased those would-be gains for workers.
A worker hangs parts on a wall to be used in a Venice model roadster vehicle at the Vanderhall Motor Works Inc. manufacturing facility in Provo, Utah. (George Frey/Bloomberg via Getty Images / Getty Images)
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FOX Business' Megan Henney contributed to this report.