US Economy Adds 311,000 New Jobs: BLS Report
The U.S. economy added 311,000 new jobs in February, down from 504,000 in January, according to the Bureau of Labor Statistics (BLS). Economists had projected 205,000 new positions last month.
The unemployment rate climbed to 3.6 percent, up from 3.4 percent, and matched market expectations. The labor force participation rate edged up to 62.5 percent.
Average hourly earnings rose to 4.6 percent year-over-year, up from 4.4 percent. On a month-over-month basis, average hourly earnings jumped 0.2 percent. Average weekly hours dipped to 34.5, down from 34.6.
The leisure and hospitality sector accounted for much of the employment gains, with 105,000 new jobs in February. Retail trade added 50,000 new jobs, followed by government (46,000) and health care (44,000). The construction industry added 24,000 new positions….