03-08-2024, 03:30 PM
Not the State of the Union response the trumpers were hoping for
US employers add a surprisingly strong 275,000 jobs in sign of continued economic strength
https://apnews.com/article/jobs-hiring-u...f67fa20e3e
WASHINGTON (AP) — America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates.
Last month’s job growth marked an increase from a revised gain of 229,000 jobs in January. At the same time, the unemployment rate ticked up two-tenths of a point in February to 3.9%. Though that was the highest rate in two years, it is still low by historic standards. And it marked the 25th straight month in which joblessness has remained below 4% — the longest such streak since the 1960s.
Yet despite sharply lower inflation, a healthy job market and a record-high stock market, many Americans say they are unhappy with the state of the economy — a sentiment that is sure to weigh on President Joe Biden’s bid for re-election. Many voters blame Biden for the surge in consumer prices that began in 2021. Though inflationary pressures have significantly eased, average prices remain about 17% above where they stood three years ago.
Friday’s report drastically revised down the government’s estimate of hiring in December and January from what had been blockbuster increases to still-solid gains. The report also gave the inflation fighters at the Federal Reserve what could be a dose of encouraging news: Average hourly wages rose just 0.1% from January, the smallest monthly gain in more than two years, and 4.3% from a year earlier, less than expected. Average pay growth has been exceeding inflation for more than year, but when it rises too fast it can feed inflation.
US employers add a surprisingly strong 275,000 jobs in sign of continued economic strength
https://apnews.com/article/jobs-hiring-u...f67fa20e3e
WASHINGTON (AP) — America’s employers delivered another healthy month of hiring in February, adding a surprising 275,000 jobs and again showcasing the U.S. economy’s resilience in the face of high interest rates.
Last month’s job growth marked an increase from a revised gain of 229,000 jobs in January. At the same time, the unemployment rate ticked up two-tenths of a point in February to 3.9%. Though that was the highest rate in two years, it is still low by historic standards. And it marked the 25th straight month in which joblessness has remained below 4% — the longest such streak since the 1960s.
Yet despite sharply lower inflation, a healthy job market and a record-high stock market, many Americans say they are unhappy with the state of the economy — a sentiment that is sure to weigh on President Joe Biden’s bid for re-election. Many voters blame Biden for the surge in consumer prices that began in 2021. Though inflationary pressures have significantly eased, average prices remain about 17% above where they stood three years ago.
Friday’s report drastically revised down the government’s estimate of hiring in December and January from what had been blockbuster increases to still-solid gains. The report also gave the inflation fighters at the Federal Reserve what could be a dose of encouraging news: Average hourly wages rose just 0.1% from January, the smallest monthly gain in more than two years, and 4.3% from a year earlier, less than expected. Average pay growth has been exceeding inflation for more than year, but when it rises too fast it can feed inflation.
