The economy added 313000 jobs in February, beating forecasts

Gladys Abbott
March 10, 2018

Economists had anticipated a gain of about 200,000.

As such, the latest jobs numbers confirm that the labor market has tightened significantly, with manufacturers increasing employment by a rather robust 18,876 per month on average since the end of 2016.

After revisions, job gains have averaged 242,000 over the last 3 months.

Investors welcomed the prospect of continued strong job growth and low interest rates.

The commonwealth's rate remained above that of the United States, which also remained unchanged in January at 4.1 percent.

Vancouver's unemployment figure in February went down two basis points to 3.9 per cent for the lowest mark in the province and Abbotsford's dropped by three-tenths to 4.1 per cent.

People working part-time for economic reasons rose by 171,000 to 5.16 million.

More news: Warriors vs. Blazers on Friday night

Economists expect the unemployment rate to fall to 3.5 percent this year.

"The 313,000 job gain is more than triple that necessary to meet the demand of new entrants into the work force, which if it sustained will continue to put downward pressure on the unemployment rate", Brusuelas said. "Today's report shows that average hourly earnings significantly increased in February and have increased by 2.6 percent over the past year". But the closely watched number dipped in February, with wages up 2.6% over the year, down from January's 2.9% growth.

But wage growth slowed in February.

Manufacturing payrolls increased by 31,000 jobs, rising for a seventh straight month.

Hiring was strong across the board. Employment in professional and business services increased by 50,000 in February, and has risen by 495,000 over the year. As for employment in professional and business services, 50k jobs were added and has risen by 495k over the year. Employment in the manufacturing sector, which is supported by strong domestic and worldwide demand as well as a weaker dollar, rose by 31,000.

Employment in other major industries, including wholesale trade, transportation and warehousing, information, leisure and hospitality, and government, showed little change over the month. That's a considerable increase from January's revised total of 239,000. Mr Powell said during his congressional testimony last month that his "personal outlook for the economy has strengthened".

Other reports by LeisureTravelAid

Discuss This Article