U.S. Economy Added 678,000 Jobs in February

U.S. Economy Added 678,000 Jobs in February

The U.S. economy added 678,000 jobs and the unemployment rate fell to 3.8% in February, the latest jobs report released Friday. 

“The big picture,” reports Axios. “The numbers show explosive job creation this winter. Not only was the February job growth tally the strongest since July, estimates for December and January were also revised up by a combined 92,000 jobs.”

Axios continues: 

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Driving the news: The numbers show employers adding to their payrolls in breakneck fashion, especially as the Omicron variant faded in late January and early February.

One big surprise: Wage growth was essentially non-existent, with average hourly earnings rising only a penny to $31.58. That may reflect the nature of the jobs being added—disproportionately in the low-paying leisure and hospitality sector.

See the jobs report here.