Even with the current pandemic crisis just hitting the U.S., the release of current state of the workforce numbers are a good sign that America’s economy is healthy and growing.
The Associate Press reports:
Hiring in the United States jumped in February as employers added 273,000 jobs, evidence that the economy was in strong shape before the coronavirus began to sweep through the nation.
The Labor Department said Friday that the unemployment rate fell to 3.5% last month, matching a 50-year low, down from 3.6% in January.
The monthly job gain comes from a survey of payrolls in the second week of February, predating the viral outbreak. So far, there are few signs that the job market has been affected by the disease, but most economists expect hiring to slow in the coming months.
The report goes on to say:
Wage growth slowed slightly in February, rising 3% compared with a year earlier, down from a 3.1% year-over-year average gain in January. Paychecks have grown at a 3% pace or higher for more than a year and a half but have slowed since reaching 3.5% last summer.
The government on Friday also upgraded its estimate of job growth in December and January by a combined 85,000 more than it had previously reported. Over the past three months, U.S. employers have added 243,000 jobs — the best quarter pace since September 2016.