The U.S. economy added 275,000 jobs in February

The U.S. economy added 275,000 jobs in February, up from January’s revised number of 229,000, and continuing to beat economists’ predictions.

Jobs were added in a number of industries, including Healthcare, Food and Restaurants, and Transportation and Warehousing.

The unemployment climbed slightly to 3.9% in February, up from 3.7% in January and 3.6% in February 2023. Despite that small increase, the rate remains under 4%, where it has stood since December 2021, in the longest stretch since the late 1960s.

Wage growth cooled a bit in February rising by $0.05, but much slower than January’s growth of $0.18.

On Snagajob, overall job postings are up 46% month over month, with notable gains in the Construction, Automotive, and Retail industries. Shifts by Snagajob shifts requested are up 10% month over month, and fill rate is up 9% year over year.

Here’s your roundup of key insights from the report:

Washington Post: "A year ago, many analysts had predicted that the Federal Reserve’s campaign to raise interest rates to ease inflation would lead the economy into a painful downturn, but that hasn’t happened."
Wall Street Journal: "Steady hiring and cooling wage growth last month offered the latest evidence that the U.S. economy is making progress toward a so-called soft landing that brings inflation down without a recession."
New York Times: "It was the third straight month of gains above 200,000, and the 38th consecutive month of growth – fresh evidence that after surging back from the pandemic shutdowns, America’s jobs engine still has plenty of steam."
Bloomberg: "The US jobless rate climbed to a two-year high in February even as hiring remained healthy, pointing to a cooler yet resilient labor market."

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